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Reduced Protections for Holders of an English Floating Charge

May 3, 2017

Authors

Ed Marlow

Reduced Protections for Holders of an English Floating Charge

May 3, 2017

by: Ed Marlow

A recent decision of the European Court of Justice (“ECJ”), on a referral from the Latvian courts and which is binding on the English courts (although the UK has commenced steps to leave the EU, the UK’s formal exit is still some time away), will make it more difficult for the holder of an English floating charge to enjoy the benefit of the UK’s Financial Collateral Arrangements (No.2) Regulations 2003 (“FCARS”)

FCARS implement an EU directive whose purpose was to assist the taking of security over financial collateral, which includes securities and cash.  When the FCARS apply, the collateral taker has certain advantages: a number of insolvency law provisions as well as some formalities will not apply.  The FCARS can also permit the collateral taker to enforce its security by appropriating collateral without

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UK Must Get to Grips with Brexit and MiFID II

March 9, 2017

Authors

Ed Marlow and Gohar Lputian

UK Must Get to Grips with Brexit and MiFID II

March 9, 2017

by: Ed Marlow and Gohar Lputian

Asset Managers Face Some Difficult Decisions

2017 is proving to be a stressful and costly year for asset managers. The terms of the UK’s exit from the EU will continue to be the subject of extensive debate, both politically and in the press. At the same time, MiFID II is just around the corner, coming into force in January 2018 after having been put back a year due to the complexity of its implementation.

MiFID II recasts and broadens MiFID (the EU’s Markets in Financial Instruments Directive) in response to the financial crisis. It will change the way asset managers operate and not just in terms of enhanced investor protection. The new rules affecting allocation of costs for research, the impact on the fixed income market, the prohibition on payments

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Brexit: Stay Calm, but Be Prepared for Changes

June 24, 2016

Authors

Bryan Cave

Brexit: Stay Calm, but Be Prepared for Changes

June 24, 2016

by: Bryan Cave

We have all woken up on June 24th to the surprising news that the UK has voted to leave the European Union following a contentious referendum.  The vote was very close, with 52% voting to leave and 48% voting to remain.  Markets are reacting with volatility, as might be expected, and British Pound Sterling values have sunk overnight to a historic 30 year low against the dollar.  To add to the turmoil, David Cameron, the British Prime Minister, has announced that he will be stepping down with his successor to be in place by the October Conservative Party conference.

That said, nothing is going to happen immediately.  There is a very specific legal process for Brexit and the timeline is hardly swift.  As the first step, the UK has to give notice to leave under Article 50 of the Lisbon Treaty.  Based on the Prime Minister’s announcement this morning and

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