ISDA Provides Guidance on Post-Brexit Financial Services for UK Market Participants
ISDA provided guidance on post-Brexit cross-border financial services for UK market participants.
In a series of FAQs, ISDA addressed several post-Brexit issues, including:
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contractual points under ISDA Documentation;
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choice of law, jurisdiction and recognition of judgments;
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insolvency proceedings concerning either a UK entity or an entity that has been incorporated in an EU member state;
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access to the EU financial markets;
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the onshoring of European Market Infrastructure Regulation requirements in the UK;
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collateral arrangements under the Financial Collateral Directive;
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the Settlement Finality Directive;
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the Bank Recovery and Resolution Directive;
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amendments to the ISDA Master Agreement and transfers of existing contracts; and
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the EU Benchmark Regulation and cross-border access to benchmarks.