The Financial Collateral Directive’s Practice in England

Journal of International Banking Law and Regulation, Vol. 151, 2011

60 Pages Posted: 19 Mar 2011

Abstract

This article assesses the operation of the Financial Collateral Arrangements (No.2) Regulations 2003 (FCAR), as amended by the Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010. It will be seen that the FCAR has achieved only limited success in England, thanks in part to the poor drafting of the FCAR, though some defects have been remedied by the 2010 Regulations which ironically have created some new problems. Some practical solutions to common practical problems will also be considered.

Keywords: Financial Collateral Directive 2002/47/EC, retroactivity, fixed and floating charges, possession and control, security interest, title transfer, enforcement of security, appropriation, close-out netting, set-off

JEL Classification: K10, K11, K12, K19, K20, K22, K29, K30, K33, K39, K40, K49

Suggested Citation

Ho, Look Chan, The Financial Collateral Directive’s Practice in England. Journal of International Banking Law and Regulation, Vol. 151, 2011, Available at SSRN: https://ssrn.com/abstract=1789701

Look Chan Ho (Contact Author)

Des Voeux Chambers ( email )

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