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  1. Buy side attacks Isda early termination protocol

    Existing national resolution regimes - in the US, for example - already contain this so-called stay, but would only be effective if both counterparties were subject to US law. The buy side is big and fragmented, with so many different constituents...

  2. Hedge funds ‘cannot be too paranoid' on reputational risk

    Jenny Afia is a partner at London-based law firm Schillings. As every hedge fund manager knows, where there's money there's malevolence, and with intangible assets accounting for ever more of a company's worth, reputation is where the money is.

  3. Beneficial ownership of assets under scrutiny in divorce

    David Greer is legal director at London law firm Schillings Family. Deftly skirting around the long-established principle that a company's assets belong to the company and not to the shareholders of the company, the Supreme Court invoked the...

  4. Netting problems will restrict pension funds, FCMs warn

    Prior to that, FCMs were denying clearing on swaps to pension plans because they would not want to put themselves in a position where they could not close out the client upon default without violating law," says Patrick Menasco, partner at Steptoe...

  5. US bilateral margin rules: a hit parade of horrors

    Maybe it will end up being close enough that there won't be additional brain damage, but it clearly increases work," says one partner at a law firm in New York. You won't necessarily get netting between the two portfolios, but if you're really...

  6. AIFMD: hedge funds reported to be struggling with reporting

    It is for this reason that many alternative investment fund managers (AIFMs) have chosen to outsource regulatory reporting to their fund administrator as it will house much of the data that must be included in the report, although ultimately the...

  7. Conflict of interest: banks call for unity on Eonia

    The contract works perfectly well without an obligation to pay negative interest and it is not self-evident that negative interest should be payable," says Simon Firth, a partner in the capital markets team at law firm Linklaters in London.

  8. Financial entity definition worries US utilities

    We don't know what a ‘financial entity’ is, and the commission has steadfastly declined to define that term," says David Perlman, a Washington, DC-based partner with law firm Bracewell a provision designed to lighten the burden on energy firms...

  9. Esma discusses AIFMD prime segregation today

    Abbie Bell, partner at law firm Dechert, says: "If, going forward, custodians are required to segregate European Union (EU) AIFs from all other assets, including other client assets, we would expect this to require a change in prime brokers...

  10. Taiwan compels life insurers to offer longer-dated products

    These products are not guaranteed and are instead intended for earning quick cash," says Hung-Lieh Liang, director of the banking and financial law practice group at PwC Legal in Taipei. The ban has resulted in the loss of clients who pursue short...

    Published
  11. Fines to rise as regulators continue to punish misconduct

    Michael Ruck, partner at UK law firm Pinsent Masons, says the raft of high fines is likely to continue: "Due to ongoing and repeated failures by those in the industry to meet the required standards, regulators are taking the view that there is...

  12. Shanghai RMB crude contract faces margin and legal hurdles

    China's legal system, which will serve as the governing law for trading the contract, will make international traders uncomfortable, according to a trader at a north Asia-based oil firm who says they would prefer it was set up under a common law...

    Published
  13. Deadline looms for Isda group on resolution protocol

    If that bank's subsidiaries remain going concerns, however, this protocol would override that default, so specified entity defaults and the credit support provider defaults would be treated differently," says Knox McIlwain, an associate at law...

  14. Mifid II doomsday awaits energy firms, conference told

    Under Mifid, there were about four exemptions commodity firms could use to avoid coming under the scope of the law. Deciphering whether or not your firm is subject to Mifid II – I would liken it to trying to do a Rubik's cube,” he remarked.