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This timely new book explains 'why' and 'how' the concept of legal risk has achieved such prominence in the financial markets and how it is intended to be addressed in the context of operational risk in light of the new Basel II regulatory regime.
McCormick traces the origins of legal risk as a phenomenon in the global financial markets, particularly in the UK market, addressing how concerns about legal risk have been dealt with in light of landmark cases such as Hazell v Hammersmith & Fulham and Re Charge Card and the formation of The Legal Risk Review Committee by the Bank of England. He looks at the principal components of legal risk, i.e. litigation/regulatory action risk and defective documentation as well as related risks, such as reputational risk and political risk.
Analytical consideration is given to current and recent legal risk concerns (in relation to e.g. conflicts of interest, securities held through intermediaries, compliance with anti-terrorism/money-laundering laws, settlement risk etc.) as well as older issues regarding the efficacy of close-out, and multilateral, netting arrangements and insolvency set-off and related legislation and case law. The book also features a section on the management of legal risk, the role of in-house counsel and compliance and the related regulatory aspects.