Papers

The FMLC considers a very wide range of legal issues arising in the context of the wholesale financial markets. For convenience, numbers are assigned to these issues, Only occasionally does the Committee's consideration of these issues result in the publication of any paper

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--FMLC Papers

Please choose either FMLC papers or FLP papers from the tabs below.

Issue 149: Cross-Border Bank Resolutions
Letter to Mario Nava, DG Internal Market, European Commission commenting on the EC paper entitled "An EU Framework for Cross-Border Crisis Management in the Banking Sector" - January 2010

Issue 145: AIFM Directive: Legal Risks - Report January 2010
Analysis of certain core areas of the Alternative Investment Fund Managers Directive which are capable of giving rise to signficant legal uncertainty

Issues 89/109: Prospectus Directive
Letter to DG, Internal Market & Services, European Commission re FMLC Comments on the Proposal to amend the Prospectus Directive - October 2009

Issue 140: Unsettled OTC Trades - Response from the Financial Services Authority to September 2009 paper

Issue 116: Emission Allowances - Creating Legal Certainty - Report October 2009

Issue 146: Proposed Inland Revenue Code - Report October 2009

Issue 104: Pensions Act: Associated and connected persons
Letter from Ian Garland, Department for Work & Pensions - October 2009

Issue 140: Unsettled OTC Trades
Legal Proposal for normative changes to address the risk of market instability in the event of the insolvency of an investment firm, with particular reference to the problem of unsettled OTC cash equity trades - September 2009

Issue 148: Morrison v National Australia Bank
Letter from Lord Hoffmann to Gary Roberts, HM Treasury - September 2009

Issue 135: EHYA Submissions on Insolvency Law Reform
Letter to Mr Stephen Leinster, Insolvency Service (Sept 09) re Consultation on Encouraging Company Rescue - June 2009

Issue 108: Administration - Set-Off and Expenses
Letter to Mr Stephen Leinster, Insolvency Service (Aug 09) re review of proposals made in FMLC paper of 2007 in the light of LBIE proceedings

Issue 144: Investment Banking Insolvency Panel Proposals
Response to the May 2009 HM Treasury Consultation Document on developing effective resolution arrangements for investment banks - Report July 2009

Issue 107: Brussels 1 Regulation
Response from European Commission to Lord Hoffmann's letter re Green Paper - August 2009

Issue 107: Brussels I Regulation
Letter from Lord Hoffmann to Jonathan Faull, DG, European Commission -
July 2009

Issue 97: European Contract Law
Response from Lord Bach, Ministry of Justice re Common Frame of Reference - June 2009

Issue 97: European Contract Law
Letter from Lord Woolf to Ministry of Justice re Common Frame of Reference - June 2009

Issue 136: Intermediated Securities
Letter from Lord Woolf to Mr Holmquist, European Commission re Consultation Paper: Legislation on Legal Certainty of Securities Holding & Dispositions - June 2009

Issue 141: Landsbanki Freezing Order 2008
Legal Assessment of the impact on the financial markets - Report May 2009

Issue 143: OCR: Location of Intangible Assets
Letter from BERR re Consultation on OCR 2009 & the Government response - May 2009

Issue 143: OCR - Location of Intangible Assets
Letter from Lord Woolf to Ms Scrope, BERR - May 2009
Consultation on the draft Overseas Companies (Registration of Charges) Regulations 2009

Issue 133: Banking Reform Depositor Protection
Letter from Lord Woolf to Banking Reform Team, HM Treasury - April 2009

Issue 103: Prospectus Directive - Public Offer
Letter from Lord Woolf to Mr Holmquist: in Response to EC consultation - March 2009

Issue 133: Banking Reform, Depositor Protection - The Special Resolution Regime: Safeguards for Partial Property Transfers - Report January 2009

Issue 76: Transparency Obligations Directive Liability
Letter to HMT in response to their July 2008 consultation paper 'Extension of the Statutory regime for issuer liability'

Issue 138 - The Gambling Act 2005
Legal assessment of the potential problems for financial markets arising from the Gambling Act - Report - October 2008

Issue 107: Brussels 1 Regulation Article 23 cases
Letter from Lord Bach, Ministry of Justice dated 16 October 2008

Issue 139 - EU CRA Proposals
Letter from Commissioner McCreevy dated 16 September 2008

Issue 133 - Banking Reform, Depositor Protection
Link to the FMLC submission to the Banking Bill -
http://www.publications.parliament.uk/pa/cm200708/cmpublic/banking/memos/ucm402.htm

Issue 133 - Banking Reform, Depositor Protection - The Special Resolution Regime - Report - September 2008

Issue 133: Banking Reform, Depositor Protection - the Special Resolutions Regime
Legal assessment of the safeguards that are necessary for a SRR - Report - July 2008

Issue 133 - Banking Reform - Depositor Protection
Response to the Tripartite Consultation Paper (April 2008)

Issue 130 - Implementation of the Vienna Sales Convention
Legal assessment of various financial markets aspects of the question whether the UK should implement the Vienna Sales Convention

Rome 1 - Consultation Paper
Letter from Lord Woolf to Bridget Prentice MP dated 25 June 2008

Rome 1 - Thank you letter from Bridget Prentice MP to Lord Woolf -
dated 15 December 2007

Issue 86: "Operating" a Collective Investment Scheme
Legal assessment of problems associated with the definition of CIS and related terms - Report - July 2008

Issue 107: Brussels 1 Regulation Article 23 cases
Letter from Lord Bach (Oct 2008)

Issue 107: Brussels 1 Regulation Article 23 cases
Legal assessment of problems associated with the Brussels 1 Reg and suggested solutions - Report - July 2008

Issue 135: EHYA submissions on Insolvency Law Reform
Letter from Lord Woolf to Nick Howard, The Insolvency Service dated 25 July 2008

Issue 132 - Alfa Telecom Turkey Ltd v Cukurova Finance International Ltd and Cukurova Holdings AS
Legal assessment of an issue raised in the above case, namely the extent to which the FCA (No 2) Regs 2003 are ultra vires in the European Communities Act 1972

Issue 103: Prospectus Directive "Offer to the Public"
Letter from European Commission dated November 2007

Issue 118: Building Society and Incorporated Friendly Society Set-Off - December 2007 Report
"Proposal for a Mandatory Insolvency Set-Off Rule applicable to Building Societies and Incorporated Friendly Societies"

Issue 108 - Administration - Set-off and Expenses - November 2007 Report
"Legal assessment of rule 2.85 of the Insolvency Rules 1986 and its interplay with other insolvency provisions in respect of post-administration liabilities owed to counterparties"

Issue 103 - Prospectus Directive - Public Offer
Letter to CESR

Issue 103 - Prospectus Directive - Public Offer
Letter to European Commission

Issue 131 - State Guarantees
Letter to European Commission

Issue 121 - Rome 1 Regulation Proposal
European Commission Final Proposal for a Regulation on the Law Applicable to Contractual Obligations
Suggestions for amendments to Articles 7 and 13

Issue 76 - Transparency Obligations Directive Liability - Report
Legal assessment of the proposed statutory liability regime in the Companies Bill in relation to Transparency Obligations Directive disclosure

Issue 76 - Transparency Obligations Directive Liability
Letter from Alexander Schaub, European Commission to Lord Woolf

Issue 76 - Transparency Obligations Directive Liability
Letter from Lord Woolf to Alexander Schaub, European Commission

Issue 125 - DG Markt Consultation
Letter from Lord Woolf to the European Commission

Issue 122 - Davidson Review
Letter from Lord Woolf to the Davidson Review

Issue 121 - Rome I Regulation Proposal
European Commission Final Proposal for a Regulation on the Law Applicable to Contractual Obligations - Legal Assessment of the Conversion of the Rome Convention to a Community Instrument and the Provisions of the Proposed Rome I Regulations

Issue 118 - Insolvency Set-Off and Building Societies
Lettter from Lord Woolf to Desmond Flynn, The Insolvency Service

Issues 120 - Section 868 of the Company Law Reform Bill
Statutory Reversal of Leyland DAF

Issue 113 - Insurance Contracts, Rome I - Paper 2
Response of the FMLC to a Final Proposal by the European Commission on a Rome I Regulation, as it relates to the Applicable Law of Insurance Contracts

Issue 42 - Unfair Terms in Contracts
Letter from Lord Browne-Wilkinson to Professor Hugh Beale, Law Commission, dated 31 January 2006

Issue 104 - Pensions Act: Associated and Connected Persons
Insolvency Practitioners - Receivers and the Pensions Act 2004

Issue 55 - Asset-Backed Bonds
Asset-backed bonds and the Implementation of Article 22(4) of the First Directive Regarding Undertakings for Collective Investment in Transferable Securities

Issue 55 - Asset Backed Bonds
Report on Conflict of Laws and Mortgage Funding - The Rome I Instrument

Issue 119 - Conflicts between FSAP Directives
Legal assessment of various Directives arising from the European Commission's Financial Services Action Plan - inconsistences, conflicts and lacunae between Directives

Issue 113 - Insurance Contracts, Rome I - Paper 1
Response of the FMLC to a Consultation by the European Commission on the Insurance Provisions of a Proposed Rome "I" Instrument

Issue 58 - Hague Convention - Ratification and Implementation
Legal assessment of the arguments relating to the signing of the Hague Securities Convention - the need for, and benefits of, the Hague Securities Convention

Issue 109 - The Consumer Credit Bill
Provisions relating to 'Unfair Relationships':
impact on the financial markets and the consumer finance industry

Issue 104 - Working Group on the Pensions Act 2004
Letter from the Pensions Regulator to
Lord Browne-Wilkinson dated 20 July 2005

Issue 104 - Working Group on the Pensions Act 2004
Letter from Lord Browne-Wilkinson to David Norgrove at the Pensions Regulator dated 5 July 2005

Issue 104 - Working Group on the Pensions Act 2004
Letter from the Pensions Regulator to
Lord Browne-Wilkinson dated 19 May 2005

Issue 104 - Working Group on the Pensions Act 2004
Letter from Lord Browne-Wilkinson to David Norgrove at the Pensions Regulator dated 20 April 2005

Issue 69 - Proceeds of Crime Act -
Proposed Amendments to Part 7 of Proceeds
of Crime Act 2002
Letter from Caroline Flint, MP to
Lord Browne-Wilkinson dated 4 March 2005

Issue 90 - Drafting Contracts to Cater for Major Operational Disruption
Letter from Lord Browne-Wilkinson
11 April 2005

Issue 79 - Pari Passu Clauses
Analysis of the role, use and meaning of pari passu clauses in sovereign debt obligations as a matter of English law.

Issue 69 - Proceeds of Crime Act 2002
Analysis Of Whether The Proposed Changes To Part 7 Of The Proceeds Of Crime Act 2002 In The Serious Organised Crime And Police Bill Affect The Legal Uncertainties Identified In The Financial Markets Law Committee Issue 69

Issue 80 - Reform of Law on Company Security Interests - Uncertainty Issues Raised by Law Commission Consultation Paper 176
Letter from Lord Browne-Wilkinson to
Sir Roger Toulson on 1 December 2004

Issue 76 - Transparency Obligations Directive - Report - October 2004

Issue 69 - Proceeds of Crime Act 2002

Issue 89 - Prospectus Directive - Choice of Home Member State
Note to interested parties
from Lord Browne-Wilkinson
27 September 2004

Issue 89 - Prospectus Directive - Choice of Home Member State

Issue 3 - Property Interests in Investment Securities

Issue 3 - Property Interests in Investment Securities
Report on Research into the 1994 Revisions to Article 8 of the Uniform Commercial Code

Issue 3 - Property Interests in Investment Securities
International Overview

Issue 3 - Property Interests in Investment Securities
Resources and Materials

Issue 3 - Property Interests in Investment Securities
The Six Classic Priority Scenarios

Issue 3 - Property Interests in Investment Securities
The Regulation of Securities Intermediaries by the FSA

Issue 62 - Trustee Exemption Clauses - Report

Issue 76 - Transparency Obligations Directive - Report

Issue 56 - Emergency Powers Legislation - Report

Issue 56 - Emergency Powers Legislation
Checklist for Contracts

Issue 56 - Emergency Powers Legislation - Appendix 1
Working Group and Terms of Reference

Issue 56 - Emergency Powers Legislation - Appendix 2
Letters to Foreign Bodies

Issue 56 - Emergency Powers Legislation - Appendix 3
References and Weblinks

Issue 56 - Emergency Powers Legislation - Appendix 4A
Materials Relating to Contracts

Issue 56 - Emergency Powers Legislation - Appendix 4B
Materials Relating to Contracts - ISDA

Issue 56 - Emergency Powers Legislation - Appendix 5
Materials Relating to Infrastructure Bodies

Issue 56 - Emergency Powers Legislation - Appendix 6
Materials from other International Wholesale Financial Marketplaces

Issue 1 - Implementation of Financial Collateral Directive 2002/47/EC
Letter to HM Treasury
from Lord Browne-Wilkinson
25 July 2003

Issue 1 - Implementation of Financial Collateral Directive 2002/47/EC
Letter to CLLS Financial Law Sub-Committee
from Lord Browne-Wilkinson
25 July 2003

Issue 1 - Implementation of Financial Collateral Directive 2002/47/EC
CLLS Financial Law Sub-Committee working paper, 2 May 2003

Issue 74 - Set-off in administration.
Note to interested parties
from Lord Browne-Wilkinson
21 July 2003

Fund Management and Market Transactions
Note to interested parties
from Lord Browne-Wilkinson

Fund Management and Market Transactions
- A Practice Recommendation.
Financial Law Panel paper first published
September 1995

Issue 56 - Emergency Powers Legislation Working Group
Note of meeting 13 March 2003

Issue 56 - Emergency Powers Legislation Working Group
Note of meeting 31 March 2003

Issue 56 - Emergency Powers Legislation Working Group
Note of meeting 27 June 2003

Issue 74 - Set-off in administration.
Note of meeting with Insolvency Service
26 June 2003

Issue 42 - Unfair terms in contracts.
Letter to Chairman of the Law Commission
20 June 2003