Safety in turbulent times: upgrading Europe's rules on default and collateral protection
Abstract:In April 2008, the European Commission presented a proposal to amend the 1998 Settlement Finality Directive and the 2002 Financial Collateral Arrangements Directive. These two pieces of legislation provide essential rules on default and collateral protection. The value of clear rules in these two key dimensions have been amply illustrated by the ongoing financial crisis. This article argues that these rules needed to be upgraded to fit an evolving market place and outlines the major changes agreed upon.
Document Type: Research Article
Publication date: May 1, 2009
More about this publication?
- Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.