Claude Brown

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An Indian summer for LIBOR transition

Read time: 2 minutes 50 seconds Over the summer, the Reserve Bank of India (RBI) issued a notice to banks and other RBI-regulated entities, emphasising the need to speed up the transition away from LIBOR. The RBI notice states that banks and financial institutions should not enter into any new LIBOR-related contracts after 31 December … Continue Reading

The British Government is giving the FCA new powers to deal with tough legacy – are they actually going to help?

Read time: 5 minutes 45 seconds The Financial Conduct Authority (FCA) is to be given new powers to make changes to the methodology of LIBOR for certain “tough legacy” contracts. The UK Government has announced that it intends to bring forward legislation amending the Benchmarks Regulation 2016/1011 as amended by the Benchmarks (Amendment) (EU Exit) … Continue Reading

German Federal Court Ruling Important for Future Contractual Netting Arrangements

Read time: 30 seconds In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, “BGH”) has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial Derivatives Transactions (Rahmenvertrag für Finanztermingeschäfte or DRV) is not legally effective in the event of … Continue Reading

Back(loading) to the Future – the Nuances of EMIR Transaction Reporting Requirements

It’s been barely six weeks since the EMIR trade reporting obligations came into effect on 12 February and, as the regulatory dust begins to settle, parties to derivative transactions are still in the process of assessing their duties under the new regime.  In the lead up to the February deadline, bank and securities firms were … Continue Reading
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