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Financial Markets Law Committee - recent activities

29 Jun 2015

The FMLC aims to identify issues of legal uncertainty affecting the wholesale financial markets, including inconsistencies between law and market practice, and to make proposals for resolving them.

Amongst other things it publishes recent papers and correspondence on its website: www.fmlc.org. These include the following.

Financial Collateral Regulations

The FMLC sent a letter dated 13 April 2015 to HM Treasury providing further evidence about the continuing issues of legal uncertainty in relation to the meanings of “possession”, “control” and “excess financial collateral” in the Financial Collateral Arrangements (No.2) Regulations 2003. The FMLC want to meet with the Treasury to discuss the issues with a view to resolving the problems. They are concerned that impending changes to be brought about by EU financial regulation will result in the increased use of security financial collateral arrangements which will exacerbate the situation.

Securitisation disclosure regimes

On 29 May 2015 the FMLC published a discussion paper on the issues of legal uncertainty which arise in the context of securitisation disclosure regimes. It considers the existing EU disclosure regimes and their interaction with each other and with certain third country regimes. The FMLC is responding to a question in an European Commission Consultation paper “An EU framework for simple, transparent and standardised securitisation”. The FMLC suggests a rationalisation of the securitisation disclosure regimes and the establishment of a single repository for regulatory disclosures.

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