Yeowart and Parsons on the law of financial collateral / Geoffrey Yeowart, Hogan Lovels International LLP, UK; Robin Parsons, Sidley Austin LLP, UK ; with Edward Murray, Allen & Overy LLP, UK; Hamish Patrick, Shepherd and Wedderburn LLP, UK.
Purpose of the financial collateral directive, the legislative background and key issues addressed by the directive -- Scope of the financial collateral regulations -- The tyes of financial collateral : cash, financial instruments and credit claims -- Formal requirements disapplied by the FCARs and extent of exemption from those requirements -- Impact of UK insolvency law and bank resolution measures and the extent to which these are disapplied in relation to financial collateral arrangements -- Title transfer financial collateral arrangements -- Security financial collateral arrangements -- 'Possession' of 'control' test to be satisfied when creating a security financial collateral arrangement -- 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 'possession' or 'control' test is to be satisfied -- Close-out netting provisions and the financial collateral regulations -- The right o fuse and the legal consequences of its exercise, including issues of priority -- Remedy of appropriation -- Financial collateral and the conflict of laws -- Retroactivity of the financial collateral regulations -- Taking and perfecting security over financial collateral -- Use of securities held in the CREST system as collateral -- Use of close-out netting and financial collateral in relation to derivatives (including ISDA documentation) -- 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) -- Use of book entry securities as collateral -- Use of financial collateral in UK clearing houses -- Use of contractual set-off and flawed asset arrangements for taking cash collateral -- Regulatory treatment of financial collateral arrangements ; margin requirements for non-centrally cleared derivatives ; and reporting of securities financing transactions -- Scottish law perspective on te financial collateral regulations and their application -- Law reform.
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