Report: Obligations of Central Counterparties and their Clearing Members under Part VII of the Companies Act 1989: 10 October 2016

This FMLC report—entitled The Obligations of Central Counterparties and their Clearing Members under Part VII Companies Act 1989: Issues of legal uncertainty which may arise in the context of proprietary claims to collateral—addresses the uncertainty that would be caused by a proprietary challenge to the default management processes of a central clearing counterparty (“CCP”) and by a third party claim on margin in these circumstances. It discusses issues affecting the system of protections for central clearing established under Part VII of the Companies Act 1989 (“Part VII”) and related E.U. and U.K. regulation.

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