Consider this situation: a dispute has arisen between two parties in relation to an agreement which is subject to an arbitration clause. Separately, a winding up application has been made against one of the parties to the arbitration in the jurisdiction in which it is incorporated. An arbitral award is obtained against the potentially insolvent company. That company has assets in Hong Kong, against which the creditor is now seeking to enforce their rights.
Twenty-one major global banks have already signed a relaunched stay protocol developed by the International Swap Dealers Association and other leading industry organizations in coordination with the Financial Stability Board. The purpose of the protocol is to help ensure the orderly resolution of a troubled bank by having firms voluntarily agree to abide by foreign resolution regimes in connection with cross-border transactions. A prior protocol was signed by 18 major banks in November 2014. The relaunched protocol increases the types of covered financial contracts.
On Thursday 12th November 2015, the International Swaps and Derivatives Association (ISDA) published the new Resolution Stay Universal Dealer Protocol that updates and extends the 2014 Resolution Stay Protocol to also cover Repo and Securities Lending Transactions.
Hogan Lovells Corporate Insurance Newsletter June 2014 UK PRA publishes PS5/14: PRA Rulebook PRA publishes statement of policy on the financial stability information power The PRA’s approach document to insurance supervision updated PRA publishes SS7/14: Reports by skilled persons PRA publishes statement of policy on the use of PRA powers to address serious failings in the culture of firms PRA publishes its annual report and accounts 2014 FCA publishes a market study into retirement income: revised terms of reference FCA publishes FG14/6 - Annuity comparison websites: financ
SHAREHOLDERS ARBITRATION
In a historic USD 50 billion award rendered on July 18,
2014, an Arbitral Tribunal constituted pursuant to the
Energy Charter Treaty held unanimously that the Russian
Federation breached its international obligations under the
Energy Charter Treaty by destroying Yukos Oil Company
and appropriating its assets.
The Tribunal, applying the UNCITRAL Arbitration Rules and sitting in The
ague under the auspices of the Permanent Court of Arbitration ordered the
Mitigating Risk in African Investments
US – ONGOING CONSIDERATION BY NAIC OF RESERVE FINANCING, USE OF CAPTIVES, AND PRINCIPLE-BASED RESERVING
The Momentive Decisions: Cram-Down Interest Rates and Make-Whole Mania
This past Saturday, October 11, 2014, marked an important day in the too-big-too-fail regulatory and industry initiative. The International Swaps and Derivatives Association, Inc. (ISDA) announced on Saturday that 18 major global banks (G-18) have agreed to sign a new ISDA Resolution Stay Protocol, developed in coordination with the Financial Stability Board, to support cross-border resolution and reduce systemic risk.
Reposted from Law A La Mode
Opportunity Arises Out of Adversity
The recent global financial crisis has seen consumers tighten their belts and the retail industry as a whole has faced increasing pressure. Profits warnings have peppered the financial pages and fashion retailers, in both the budget and luxury sectors, have been subject to formal insolvency processes.
However, for those fortunate enough to be in the position of buyer, the current climate can give rise to considerable opportunities, including: