18/09/09 - Standard Market Documentation: EFMLG urges market associations to draw the lessons from the financial crisis

On 15 September the EFMLG sponsored a Legal Symposium on standard market documentation, which was attended by about 50 participants from various market and banking associations, financial institutions, companies and international law firms. The purpose of the Symposium was to discuss the lessons to be learned from the financial crisis and to identify potential areas for the harmonisation of crisis-related clauses in the standard market documentation used for different financial products. This forum will be reconvened in mid-2010 in order to monitor and evaluate the progress made.

EFMLG Report on Standard Market Documentation

Press release

Legal Symposium's Agenda

Presentations:
- 'Bankruptcy' and 'Act of Insolvency‘ - A Need For Harmonization In Light Of New Legislation On Bankruptcy Procedures?
- Notice Provisions and Enforcement
- Automatic Early Termination under the ISDA, the GMRA, the GMSLA and the EMA: issues and perspectives
- Calculation of Close-out Amounts
- Collateral & Margin Dispute Resolution

01/09/09 - Draft Common Frame of Reference (DCFR)

In December 2008 two academic groups – the Study Group on a European Civil Code and the Research Group on EC Private Law (Acquis Goup) –  submitted to the European Commission the final version of a joint Draft Common Frame of Reference (DCFR) which provides for a set of ‘model rules' covering core fields of civil law such as contract law and proprietary security rights in movable assets. Although it is not yet decided what will be the future function of the DCFR, this set of non-binding rules could have an important impact on the financial industry and could be a source of inspiration and guidance for both the European and national legislators . The EFMLG has therefore decided to contribute to this project by pointing to some particular aspects of the DCFR that are relevant for financial services. The EFMLG is of the view that the DCFR should be compatible with existing Community financial market regulation and with the industry's practices, as represented, for instance, by standard agreements used for some financial instruments traded in the financial markets. The EFMLG paper is available under "Documents".

Past Projects

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