<p>Filter Knowledge</p>

Travers Smith LLP has acted for Rothesay Life PLC in connection with the £3.8 billion buy-in of the Asda Group Pension Scheme. 

In July 2018 we circulated a briefing note outlining the European Parliament's approval of a revised proposal to amend EMIR, also known as "EMIR 2.1", (which can be found here) as part of its REFIT programme. This briefing note outlines a further development in respect of EMIR 2.1, which will be particularly relevant to managers of alternative investment funds ("AIFs") who are, or may become, users of derivatives.

Travers Smith has advised aviation, energy and civil engineering group, Stobart Group Limited, on its offering of £53.075 million of secured guaranteed exchangeable bonds.

In July 2018 we circulated a client briefing note outlining the European Parliament's approval of a revised proposal to amend EMIR (also known as "EMIR 2.1", which can be found here). This briefing note outlines a development that has occurred in respect of EMIR 2.1.

This chapter of Global Legal Insights Fund Finance 2019 considers a number of key structural and documentary legal issues that should be considered by any manager thinking about entering into derivatives transactions at fund level.

After almost a year of discussion, on 12 June 2018 the European Parliament approved a revised proposal put forward by the European Commission to amend the terms of EMIR¹. The revised proposal, aimed at reducing costs and simplifying certain rules under EMIR, is likely to mean at least some good news for most market participants, although others may be disappointed that the proposal did not go further.

In Lehman Brothers Special Financing Inc. v National Power Corporation and another [2018] EWHC 487 (Comm), the High Court ruled that the requirement to use "commercially reasonable procedures" to produce a "commercially reasonable result" in determining the Close-out Amount under the 2002 ISDA Master Agreement was to be assessed by reference to an "objective" standard of reasonableness. This decision emphasises the need for close scrutiny of the exact contractual wording in question in determining the ambit of any contractual discretion.

This chapter of Global Legal Insights Fund Finance 2018 considers a number of key structural and documentary legal issues that should be considered by any manager thinking about entering into derivatives transactions at fund level.

Sustainability is rising rapidly up the pensions agenda because of a mix of changing law, regulatory guidance, and growing demand from pension scheme members and other stakeholders.