Yeowart and Parsons on the Law of Financial Collateral

Author: Geoffrey Yeowart; Robin Parsons
Publisher: Edward Elgar Publishing
ISBN: 9781782546313
Published In: February 2016
Format: Hardback , 776 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

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.

PART I FINANCIAL COLLATERAL DIRECTIVE AND UK IMPLEMENTING REGULATIONS
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

PART II USE OF FINANCIAL COLLATERAL
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
APPENDICES
Index