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:
- contractual points under ISDA Documentation;
- choice of law, jurisdiction and recognition of judgments;
- insolvency proceedings concerning either a UK entity or an entity that has been incorporated in an EU member state;
- access to the EU financial markets;
- the onshoring of European Market Infrastructure Regulation requirements in the UK;
- collateral arrangements under the Financial Collateral Directive;
- the Settlement Finality Directive;
- the Bank Recovery and Resolution Directive;
- 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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.