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Vol 23 No 3 March/April 2018

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Scamell and Gasztowicz on Land Covenants

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Yeowart and Parsons on the Law of Financial Collateral

ISBN13: 9781782546313
Published: February 2016
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £225.00

In stock.

As the volume of transactions in European financial markets continues to grow, the use of financial collateral, be it in the form of cash, shares, bonds or credit claims, has become a critical tool in supporting and managing risk in financial transactions.

This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation.

Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets.

Key features:-

  • Analytical rigour combined with insight into how financial collateral works in practice, covering both English and Scots law
  • Valuable discussion of control and possession tests, right of use, remedy of appropriation, close-out netting and impact of ‘bail-in’
  • Explains use of financial collateral in the derivatives market, clearing houses, direct and indirect securities holding systems and use of repos, securities lending and prime brokerage
  • Highlights key issues on regulatory treatment and conflicts of laws
  • Discusses direction of future law reform
  • Written by leading experts in the field.

Banking and Finance
1. Purpose of the Financial Collateral Directive, The Legislative Background and Key Issues Addressed by the Directive
2. Scope of the Financial Collateral Regulations
3. Types of Financial Collateral: Cash, Financial Instruments and Credit Claims
4. Formal Requirements Disapplied by the Financial Collateral Regulations and Extent of Exemption from those Requirements
5. Impact of UK Insolvency Law and Bank Resolution Measures and the Extent to Which These are Disapplied in Relation to Financial Collateral Arrangements
6. Title Transfer Financial Collateral Arrangements
7. Security Financial Collateral Arrangements
8. Control or Possession Test to be Satisfied When Creating a Security Financial Collateral Arrangement
9. Extent to Which a Collateral-Provider May be Permitted to Exercise Rights Attaching to Charged Securities, Such as Voting Rights and the Right to Receive Income, if the Control or Possession Test is to be Satisfied
10. Close Out Netting Provisions and the Financial Collateral Regulations
11. Right of Use and the Legal Consequences of its Exercise, Including Issues of Priority
12. Remedy of Appropriation
13. Financial Collateral and the Conflict of Laws
14. Retroactivity of the Financial Collateral Regulations

15. Taking and Perfecting Security over Financial Collateral
16. Use of Securities Held in the CREST System as Collateral
17. Use of Close Out Netting and Financial Collateral in Relation to Derivatives (Including ISDA Documentation)
18. Special Issues Arising from the Use of Financial Collateral in Repos, Securities Lending and Prime Brokerage, Including Treatment of Client Assets and Use of Market Standard Documentation (Other Than ISDA Documentation)
19. Use of Book Entry Securities as Collateral
20. Use of Financial Collateral in UK Clearing Houses
21. Use of Contractual Set-Off and Flawed-Asset Arrangements for Taking Cash Collateral
22. Regulatory Treatment of Financial Collateral for Capital Adequacy Purposes
Margin Requirements for Non-Centrally Cleared Derivatives
and Reporting of Securities Financing Transactions
23. Scottish Law Perspective on the Financial Collateral Regulations and Their Application
24. Law Reform