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The Financial Conduct Authority has imposed a fine of £34,344,700 on Goldman Sachs International (“GSI”) for breaches of transaction reporting obligations. The fine comes just over a week after the FCA imposed a £27,599,400 fine against UBS (which we considered in an earlier blog post). Both fines result from breaches of obligations imposed by MiFID (the Markets in Financial Instruments Directive (2004/39/EC), as well as a breach of Principle 3 of the FCA’s Principles…
Last week (4 May 2017), the European Commission published a legislative proposal to amend various provisions of the European Market Infrastructure Regulation (Regulation 648/2012) (EMIR). The proposal was adopted following a general report on EMIR published by the Commission in November 2016. Although the report indicated that “no fundamental change should be made to the nature of the core requirements of EMIR”, there was the possibility to “eliminate disproportionate costs and burdens on certain derivatives…
Since the shock Brexit vote on 23 June there have been big movements in a number of financial markets, as participants of all types reposition themselves for the period of uncertainty that the leave vote has ushered in. Regardless of the eventual terms of a UK exit from the EU, market movements that have already happened can be expected to cause defaults under derivative contracts linked to the affected markets, such as FX and equity index derivatives. For…
Since the shock Brexit vote on 23 June there have been big movements in a number of financial markets, as participants of all types reposition themselves for the period of uncertainty that the leave vote has ushered in. Regardless of the eventual terms of a UK exit from the EU, market movements that have already happened can be expected to cause defaults under derivative contracts linked to the affected markets, such as FX and equity index derivatives. For…
The Court of Appeal has given renewed clarity on how to interpret the early termination provisions of section 6 of the 1992 ISDA Master Agreement. It made clear that inadequate and/or late provision of details of how an early termination amount was calculated will not entitle the Defaulting Party to avoid liability to pay the amount notified under section 6(d). It gave guidance on key finance law concepts, and endorsed the policy of using liquidated…
April is set to be a busy month in the English courts for the CMBS community, as five cases come to trial in the High Court in London. Four of those cases are the so-called “Class X” claims, which have been consolidated together and are due to be heard between 7 and 15 April. All four claims relate to 2006 and 2007-vintage Titan Europe and Cornerstone Titan CMBS. In each claim Credit Suisse Asset Management…
UK pension fund trustees with liability driven investment strategies may be alarmed to learn that a new banking directive will give supervisory authorities powers to suspend their contractual rights against counterparty banks. We examine in an alert the issues and actions that trustees need to take now to manage this new regulatory development.…