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- Title
Financial collateral arrangements in the European Union: current state and the way forward.
- Authors
Keijser, Thomas
- Abstract
This article discusses the legal framework for financial collateral arrangements, which play a pivotal role in the world s financial markets. Part I sets out the multiple pieces of European and international legislation relating to these arrangements and maps complexities inherent in the current legal framework. Difficulties arise in part due to the sheer number of currently applicable legislative instruments, but also because they reflect three stages of legal policy enshrined in traditional property and insolvency law rules, the liberal rules introduced towards the end of the 1990s and early 2000s, and the regulatory approach taken after the global financial crisis. Part II gives concrete examples of the resulting complications that market participants face in relation to issues such as possession or control of collateral, the right to use collateral, enforcement, insolvency, recovery and resolution, and the conflict of laws. Part II also suggests ways to improve the current European legislative framework. Key issues to be considered to this end include personal scope, the experiences of the financial crisis, international compatibility, and technological developments.
- Subjects
FINANCIAL markets; COLLATERAL security; BANKRUPTCY; CONFLICT of laws; FINANCIAL crises
- Publication
Uniform Law Review, 2017, Vol 22, Issue 1, p258
- ISSN
1124-3694
- Publication type
Article
- DOI
10.1093/ulr/unw056