Articles by author
Sanctions test illegality clauses in financial contracts
The recent sanctions imposed in response to the war in Ukraine have meant that the consequences of illegality under financial transactions such as derivatives, repo and securities lending have again been in the spotlight for financial institutions and their clients. The legal position varies across different market standard agreements. This article considers the relevant provisions in the ISDA aster Agreement (2002 version) (ISDA Master Agreement), the Global Master Securities Lending Agreement (2010 version) (GMSLA) and the Global Master Repurchase Agreement (2011 version) (GMRA), in each case assuming that the governing law is English law.
1 MAY 2022Rethinking rights of use as an English law concept after Brexit
The enforceability of rights of use in English law was often doubted until legislation implemented the EU Financial Collateral Directive in 2003. Statutory safeguards are likely to be retained in a similar form post-Brexit but are not comprehensive nor free from uncertainties. This Spotlight article argues that it is time to rationalise rights of use as a valid concept under English common law.
1 FEB 2024
