January 19, 2021

Volume XI, Number 19

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January 18, 2021

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Article 55 BRRD Can Impact Your Company

Buy side entities should carefully review such agreements as their ISDA Master Agreements, Securities Lending Agreements and Repurchase Agreements, to name a few, for any Article 55 BRRD provisions. Article 55 BRRD is the EU’s Bank Recovery and Resolution Directive (BRRD) which essentially authorizes the European government to write down and convert amounts owed by a failing institution. For buy side entities whose agreements are governed by NY law and have historically operated under safe harbor protections under the US Bankruptcy Code, where applicable, accepting BRRD affects the rights afforded under the ISDA and related agreements as well as applicable law. Contact your Derivatives Attorney for a full breakdown of the credit and bankruptcy risk.

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©2020 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume VI, Number 43
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About this Author

Nanette Aguire, Greenberg Traurigh Law Firm, New York, Finance Law Attorney
Shareholder

Nanette Aguirre concentrates on derivatives and structured products. Her experience includes negotiating all forms of international derivative (ISDA), trading and prime brokerage agreements with global institutions. Additionally, she regularly advises on regulatory issues affecting the derivatives market, including without limitation, Dodd Frank and related cross border regulation.

She has structured and negotiated finance and derivative transactions (including Indian and Chinese swaps, and generally, credit and fund-linked derivatives, loan,...

212.801.9200
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