Renewable power purchase agreements that do not require the physical delivery of energy between parties ("Financial Power Purchase Agreements" or "FPPAs") have been on the rise across the globe, leading many market...more
Pre-hedging has been the subject of significant debate within the financial industry in recent years, with concerns often raised over potential conduct and market integrity issues. The regulatory landscape remains fragmented,...more
EMIR 3, published in the Official Journal of the EU on December 4, 2024, introduces substantive changes to the existing clearing framework and margining exemptions under the EMIR Regulation....more
For the first time ever, a court in France has examined the compatibility of the statutory netting safe harbor with the French Constitution. The French High Court of Justice (Cour de cassation) addressed the preliminary...more
A group of seven U.S. senators have written a letter to the Commodity Futures Trading Commission ("CFTC"), expressing concerns with the integrity of the carbon credit markets and urging the CFTC to investigate and regulate...more
Russia's invasion of Ukraine has disrupted the supply of many commodities. Prices of a number of commodities increased substantially from December 2021 to March 2022: crude oil prices and wheat prices increased by more than...more
6/15/2022
/ CFTC ,
Commodities ,
Derivatives ,
Economic Sanctions ,
Enforcement Priorities ,
Futures ,
Margin Requirements ,
Market Volatility ,
Military Conflict ,
Russia ,
Supply Chain ,
Trading Suspension ,
Ukraine
The International Swaps and Derivatives Association (ISDA) is launching and publishing the ISDA U.S. Renewable Energy Certificate Annex (REC Annex) to enable market participants to efficiently sell and purchase renewable...more
An order was published on December 23, 2020, amending the order of September 5, 2007, relating to the nonfinancial activities that French investment firms may conduct.
As a matter of principle, and similarly to credit...more
The European Union's new reporting requirement under Regulation (EU) 2015/2365 of November 25, 2015—known as the Securities Financing Transactions Regulation ("SFTR")—will go into effect beginning on April 11, 2020, for...more
The Fédération Bancaire Française ("FBF") published in February 2020, two new sets of documentation to enable users of the FBF market documentation to comply with the requirements of Regulation (EU) 2016/1011 of June 8, 2016,...more
The Situation: In the event of a "hard Brexit," establishing a new contractual framework with EU-based clients will be a protracted and costly task for investment service providers based in London.
The Result: The French...more
The endorsement of Europe's largest asset management association should promote use of the new 2002 ISDA Master Agreement (French law) on the European OTC derivatives market....more
The Situation: The French government has presented a new bill in order to prepare for a "Hard" Brexit scenario.
The Result: If the United Kingdom leaves the European Union in March 2019 without an overall deal—or with a...more
11/9/2018
/ Consumer Financial Products ,
Cross-Border ,
EU ,
European Economic Area (EEA) ,
Financial Services Industry ,
France ,
Insolvency ,
ISDA ,
Legacy Contracts ,
Safe Harbors ,
UK ,
UK Brexit
The Situation: The Legal High Committee for Financial Markets of Paris ("HCJP") recently published a synopsis of its three Brexit reports on contracts continuity.
The Result: In the event of the United Kingdom crashing out...more
9/5/2018
/ Banking Sector ,
Consumer Financial Products ,
Cross-Border ,
EU ,
European Commission ,
Financial Services Industry ,
France ,
Investment ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
The Situation: English law-governed documents have largely dominated the European swaps and derivatives markets since the landmark ISDA Master Agreement was published in 1987.
The Development: The International Swaps and...more
7/2/2018
/ Brussels Regulation ,
Choice-of-Law ,
Cross-Border ,
Derivatives ,
EU ,
Financial Instruments ,
Foreign Jurisdictions ,
France ,
ISDA ,
ISDA Master Agreement ,
Over The Counter Derivatives (OTC) ,
UK Brexit
The Situation: Delayed by two months, the long-awaited bill of President Macron's government relating to economic reforms and simplification of companies' day-to-day operations was tabled to the Cabinet on June 22, 2018....more
7/2/2018
/ Capital Markets ,
Cryptocurrency ,
EU ,
Financial Collateral Directive (FCD) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Foreign Investment ,
France ,
Initial Coin Offering (ICOs) ,
President Macron ,
Privatization ,
Proposed Legislation ,
Regulatory Agenda ,
Risk Management ,
UK Brexit
The Situation: On October 4, 2017, ordinance no 2017-1432, which addresses the modernization of the legal regime of assets management and financing debt, was published.
The Result: The reform introduces four new exceptions...more
10/31/2017
/ AIFs ,
Asset Management ,
Banking Sector ,
Debt Financing ,
ELTIF ,
EU ,
France ,
Investment Funds ,
Loans ,
Minibons ,
Monopolization ,
Securitization
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more
3/28/2017
/ Anti-Corruption ,
Avoidance ,
BaFin ,
Corporate Taxes ,
Creditors ,
Cross-Border ,
Debtors ,
EU ,
Foreign Investment ,
France ,
Germany ,
Insolvency ,
Italy ,
Netting Agreements ,
Sapin II