Journal of Int’l Banking and Financial Law Publishes Akin Gump Article on Financial Collateral and Brexit
Contact:
“Financial collateral and Brexit: a comparative perspective,” an article by Akin Gump corporate partner Amy Kennedy, counsel Chris Parrott and Dr. Markus Käppler and trainee solicitor Ahmed Alfreahat, has been published by Journal of International Banking and Financial Law.
The article looks at the EU directive on financial collateral (EU Directive 2002/47/EC), which, as implemented in the United Kingdom, remains, albeit amended, on the statute book without having been meaningfully directly impacted by Brexit. The authors note, however, that “given the latitude inherent in the Directive, a marginally fractured legislative landscape has resulted across the member states.”
The article lays out the background to the financial collateral directive and its purpose and then provides a high-level overview of the legislative framework in Germany and the U.K., examining “whether the UK’s new found status as a non-member state has any ramifications.”
The authors close by concluding that Brexit appears, in most cases, “to have little effect” with regard to financial collateral in either the U.K. or Germany. So that the position of U.K. companies in German courts where German law governed financial collateral is concerned is unchanged. They note, however, that “what will be decisive is the conflicts of law regimes applicable in Germany.”
To read the full article, click here.
People Mentioned in This News
