On this call the panel discuss the potential impact on derivatives markets of the recent Law Commission of England and Wales Consultation Paper on Digital Assets. The panel begin by outlining some of the key points within the paper, including the paper's proposal that digital assets fall within a new category of personal property, before moving on to consider particular issues of relevance for the derivatives markets (including the transfer of digital assets, security and custody arrangements). The panel also consider the wider context of the paper, such as whether it is in line with proposals in other jurisdictions and how the market and the UK regulatory authorities may respond to the consultation.

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The start of a new academic year provides us with the opportunity to recap and reflect on the developments of the summer and look ahead towards what may be on the UK and EU regulatory agenda for the next few months (and possibly into 2023). Top of the list is the new UK Financial Services and Markets Bill, which aims to implement the outcomes of the government’s future regulatory framework review and to make other changes to update the UK regulatory regime. During the call the panel explained the background to the bill, before outlining some of the key features for derivatives markets. They also discussed the PRA/FCA consultation on margin requirements for non-centrally cleared derivatives and EU initiatives regarding clearing.

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The third call in this series outlining how recent market developments, together with potential changes to the regulatory landscape, are affecting particular categories of transactions. The panel also turned their attention to commodity derivatives, which have come under increasing levels of scrutiny in light of geopolitical developments. Regulatory issues discussed on the call included ESMA's proposal to increase the Clearing Threshold for commodity derivatives by €1 billion and concerns amongst UK and EU regulators that existing reporting regimes have not created sufficient levels of transparency.

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There have been a number of developments over the last few months with potential impacts for equity derivative and margin lending transactions. These include the UK's recently enacted National Security and Investment Act, changes to the UK's Securities Financing Transaction Regulations and potential amendments to the EU Financial Collateral Arrangements Directive. On this call, the panel provided an update on current market developments, together with an overview of recent and potential changes to the regulatory landscape.

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The growing trend of companies setting net zero and other climate reduction targets is likely to lead to a major increase in activity in the voluntary carbon markets and rises in the price of voluntary carbon credits, as supply fails to keep up with demand. On this call the panel explained the current direction of regulatory reform and the potential issues facing market participants. They also provided an overview of other recent developments including updates to the emissions allowance transaction documents.

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Clifford Chance's derivatives experts attended the 2022 ISDA Annual General Meeting and hosted 30-minute briefings to report back on key themes discussed by keynote speakers, regulators and market participants in the financial markets. Panellists from across our global network shared their observations on the major topics affecting the financial markets, including ESG, digitalisation and crypto, sanctions, LIBOR transition, margin and diversity and inclusion. Clifford Chance are proud sponsors of the 36th ISDA AGM.

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ISDA has recently published the 2022 SFT Definitions and Schedule Provisions. If these are incorporated into an ISDA Master Agreement then a single agreement can be used to document repurchase transactions and securities lending transactions alongside derivatives. On this call the panel will explain the background to this package of documents, the rationale for the initiative and how parties can use them to execute transactions. They will also consider how the market will react to these and issues going forwards.

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Just over a year on from Brexit, we looked at some of the key developments for derivatives regulation in the EU and UK, including the status of any transitional provisions and equivalence decisions, as well as any signs of divergence between EU and UK rules.

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ISDA has recently published the 2022 SFT Definitions and Schedule Provisions. If these are incorporated into an ISDA Master Agreement then a single agreement can be used to document repurchase transactions and securities lending transactions alongside derivatives. On this call the panel will explain the background to this package of documents, the rationale for the initiative and how parties can use them to execute transactions. They will also consider how the market will react to these and issues going forwards.

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The LIBOR milestone of 31 December 2021 has come and gone. The publication of 24 LIBOR tenors based on the previous methodology has now ended, with six key rates being replaced by synthetic versions. Two months later this is not the end of the story, as parties are now switching their attention to planning for the transition to term SOFR. On this call the panel provided an update on the post-2021 regulatory IBOR landscape and consider where the market might be heading over the next year. They also discussed some of the potential issues that parties may face when continuing to plan and implement their IBOR remediation projects.

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On this specially convened Insights on Derivatives call, experts discussed the potential impact of the global sanctions and export controls that have been imposed in response to recent events in Ukraine. On this call, the panel discussed the nature and extent of the measures affecting derivatives, consider matters relating to the continued performance of obligations under transactions and outline some of the issues a party may face if attempting to terminate transactions.

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On this call, the panel discussed the latest market developments in relation to derivatives referencing digital assets. In particular, the panel discussed the recent paper published by ISDA on contractual standards for digital asset derivatives and will consider what the likely next steps will be in the evolution of the digital asset derivatives market. The panel also considered developments in the US, in particular in relation to the classification of digital assets.

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One year after the end of the Brexit transition period, we have begun to see the first shoots of regulatory divergence between the UK and EU. On this call the panel considered how derivatives trading is likely to be affected by forthcoming amendments to both the UK and EU regulatory framework, including upcoming changes to the UK margin rules and updates to the intragroup exemption and clearing thresholds under EMIR. The panel also looked at the future of UK regulation and potential areas of imminent change to look out for.

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On this call, the panel discussed current market issues and concerns and the latest market developments in respect of IBOR transition, including the recent announcements by the UK's FCA on the permitted use of synthetic JPY and GBP LIBOR for legacy transactions as well as on the prohibition of the use of US Dollar LIBOR in new contracts by supervised entities after the end of this year. The panel also addressed the latest developments in the US.

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On this call the panel discussed the current issues relating to trading crypto assets and derivatives. We also provided an overview of regulation impacting this evolving market and the key developments and issues we are seeing in products and documentation as well as legal opinions and collateral.

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The 2021 ISDA Interest Rate Derivatives Definitions were implemented on Monday 4 October and we will soon see trades using these Definitions. On this call, the panel focused on current market discussions around the 2021 Definitions and also highlighted a number of key features of the 2021 Definitions, including the Calculation Agent provisions, the new Cash Settlement process and the fallbacks for Floating Rate Options.

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On this call the panel discussed a range of key regulatory updates affecting derivatives markets, covering BRRD, the clearing obligation and trading obligation and the treatment of RFR swaps as well as CSDR. We also covered some headline developments on equivalence decisions in the UK and EU, the Wholesale Markets Review and changes in the regulation of commodity derivatives in the UK and the EU.

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On this call, the panel provided the background to the publication of Supplements 71-76 to the 2006 ISDA Definitions. The panel also gave an overview of the structure and key features of Supplements 74 and 75 as well as discussing alternative rates such as USD- AMERIBOR and USD-BSBY and the compounded index provisions for GBP-SONIA.

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With a much broader range of counterparties now coming into scope for Initial margin (IM), on this call the panel provided an overview of current status and the key issues and deadlines those counterparties need to focus on. In addition, the panel discussed the key latest developments, including the interaction of EU and UK margin rules and new custodians coming on-line. The panel also discussed recent developments regarding IM and Asia, including in China, Taiwan and South Korea

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With the "Go-live" date for the new 2021 ISDA Interest Rate Derivatives Definitions scheduled for Friday 4 June 2021, on this call the panel discussed the key changes being implemented by the new definitions. The panel considered the changes made to the cash settlement methodologies, new business day provisions, market disruptions and closures as well as how these definitions have been adapted for digitisation and standardisation. We also discussed how these new definitions link into IBOR reform as well as the timeline for implementation. Paget Dare Bryan chaired the discussion with colleagues Sarah Lewis and Greg Chartier.

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On this call the panel discussed key recent derivatives developments in China. We considered China's recently published draft Futures Law, including its potential impact on the enforceability of netting in China as well as on a range of cross-border issues such as offering of futures trading to PRC clients, insolvency protections for trading on PRC futures exchanges, cross border marketing and recognition of title transfer security in China. The panel also discussed the changes to the Qualified Foreign Investor access regime and new initiatives that relate to expanding derivatives trading opportunities in the Greater Bay Area (GBA). Paget Dare Bryan chaired the discussion with colleagues Terry Yang and Kimi Liu.

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On this call the panel discussed how the market has reacted to and developed since the FCA's announcement on 5 March on the cessation of LIBOR and the publication of the PRA/FCA's 'Dear CEO' letter which followed on 26 March. The panel also provided an update on the possible legislative solutions and the current issues being addressed in remediation projects as parties address their legacy contracts. Sarah Lewis chaired the discussion with colleagues Paget Dare Bryan, Anne Drakeford and Greg Chartier.

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On this call, the panel discussed the impact on commodity derivatives requirements of the EU27 "quick fix" amendments to MiFID2 as well as the UK FCA consultation on equivalent changes. We also considered the implications for commodities regulation of the forthcoming EU27 broader MiFID review, the impact of Brexit and the expected UK FCA consultation on changes to the on-shored MiFID2 regime. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Sarah Lewis.

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On this call, the panel discussed key challenges parties will have to address with IM implementation for phases 5 and 6, the applicable documentation and possible custody arrangements as well as the latest negotiation issues. In addition the panel updated you on the impact of Brexit and significant ongoing developments to the margin regime.

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Our highly experienced panel discussed developments in the structured repo market, their reflections on recent market trends and key legal issues to consider, including in respect of the repo of the risk retention tranches of securitisations and repos of loan portfolios. The panel also covered a number of other topical issues for the structured repo and more general repo market, such as the impact of the end of the Brexit Transition Period, CSDR, LIBOR transition and UK SFTR. Paget Dare Bryan chaired the discussion with colleagues Will Winterton, Greg Chartier and Laura Douglas.

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Following the effective date of the ISDA IBOR Fallbacks Supplement and Protocol on 25 January 2021, on this call the panel discussed the key milestones to watch out for this year in IBOR transition and the challenges now facing banks and counterparties, including with their linked cash products and tough legacy transactions. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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This call provided an update on a range of derivatives-focused cases over the last 12 months, covering issues such as the effect of mistake in respect of computerised contracts for cryptocurrencies; the relevance of "market practice" to market standard master agreements; the effective giving of notice in respect of interest rate swaps; and parties acting ultra vires. Paget Dare Bryan chaired the discussion with colleagues Simon James, Anne Drakeford and Tessa Crook.

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Following the conclusion of the Brexit trade agreement negotiations on 24 December 2020, on this call we looked at the state of play in early 2021 and discussed key issues derivatives practitioners need to focus on as we settle into the post-transition period. The panel discussions also addressed the key features of the recently released suite of ISDA Brexit documentation templates. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Caroline Dawson and Greg Chartier.

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On this call we reviewed the impact of Covid-19 and the resultant governmental and regulatory responses as well as discussing some of the lessons learned. We also looked at developments in insolvency law and actions to take in anticipation of future restructurings and insolvencies. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Caroline Dawson and Greg Chartier.

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On this call we discussed ISDA documentation prepared for the end of the Brexit UK transition period on 31 December 2020 as well as documentation requirements in connection with bail-in and recognition of resolution stays under Articles 55 and 71(a) of the Bank Recovery and Resolution Directive (BRRD). We also discussed other key documentation requirements in connection with Initial Margin (IM), Article 15 of the Securities Financing Transactions Regulation (SFTR) and IBOR reform. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Anne Drakeford and Thea Gausel.

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Further to the recent publication by Clifford Chance together with ISDA and R3 of the paper "Private International Law Aspects of Smart Derivatives Contracts Utilizing Distributed Ledger Technology: New York Law" on this call we discussed key legal issues from a private international law perspective relating to the introduction of Distributed Ledger Technology into derivatives trading relationships as considered in that paper. In addition we considered an earlier paper published in January, also by Clifford Chance together with ISDA and R3, which explored the topic from the perspectives of English and Singaporean law. We also discussed contrasting approaches to using DLT to facilitate settlement and the range of legal issues which need to be addressed. We highlighted the key challenges in addressing these issues in a practical context, including the need to balance regulatory expertise across a range of jurisdictions with a detailed understanding of the existing frameworks.

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On this call speakers from our Paris, Frankfurt and Luxembourg offices discussed the scope of preparations being undertaken in their respective markets for the imminent end of the Brexit transition period. Paget Dare Bryan chaired the discussion with colleagues Frédérick Lacroix, Marc Benzler and Steve Jacoby.

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With only 2 months to go until the end of the Brexit transition period and no certainty over whether the EU and UK will agree a long term deal, we discussed what a deal might mean for cross-border derivatives transactions, what measures the UK and EU have put in place to mitigate a no-deal Brexit and what the key outstanding issues are. We also discussed the key practical issues for derivatives lawyers to consider now, including amendments to ISDA documentation, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Caroline Dawson and Greg Chartier.

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Following the announcement by ISDA of the launch date for the ISDA 2020 IBOR Fallbacks Protocol and Supplement, on this call we discussed what the Protocol does, which agreements it applies to and how to use the associated Protocol bilateral amendment agreements and templates. We also examined how the Protocol fits into the broader IBOR reform process, the interaction with the ISDA Benchmarks Supplement and Gareth Old, a partner in our NY office looked at developments on IBOR reform in the US. In addition we discussed key considerations in respect of Protocol adherence, including: the extent of the counterparty due diligence required; bilateral negotiations; the issue of potential value transfer; and potential mismatches with cash products. Paget Dare Bryan chaired the discussion with colleagues Gareth Old, Anne Drakeford and Greg Chartier.

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This call looked at the impact of ESG regulation on derivatives, including a reminder of what we mean by "ESG", progress with developing regulation around ESG products and what this could mean for derivatives. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Clare Burgess.

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This call looked at some key regulatory developments affecting the derivatives market, including: the Benchmarks Regulation Review proposal; the Capital Markets Union (CMU) project and the role of derivatives; and BRRD and contractual recognition of resolution stay powers. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Diego Ballon Ossio.

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As the release of the ISDA IBOR Fallbacks Protocol and Supplement approaches, this call looked at the range of issues and choices for both the buy side and sell side involved in Protocol adherence. These include: how the Protocol works and the structure of the ISDA Fallbacks Supplement; strategic considerations prior to Protocol adherence; the impact of pre-cessation and cessation fallback triggers; the use of ISDA bilateral templates; and key regulatory, compliance and conduct considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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Swaps on a precipice. As the economic shockwaves of the coronavirus lock-down reverberate through the broader economy, corporate defaults and restructuring would seem to be an inevitable side effect. On this call we surveyed the options open to banks and dealers facing a counterparty which may be heading towards insolvency or restructuring and for the corporate itself. We considered the issues in the context of derivatives for structured finance, treasury and standalone trading relationships. Paget Dare Bryan chaired the discussion with colleagues Will Winterton and Dan Deacon.

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On this call we gave an update on recent developments in terms of Brexit as the end of the transition period begins to draw nearer, including the current status in respect of licensing and equivalence. We also discussed the key practical issues for derivatives lawyers to consider now, including amendments to ISDA documentation, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Greg Chartier.

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As has been seen previously, in challenging market conditions implied terms often became the focus of discussion and contention. Drawing on the wide range of available case law, our panel highlighted the key issues and messages for derivatives parties facing the challenges of implied terms and contractual interpretation generally as markets react to the impact of Covid-19 and also sought to address upcoming regulatory issues. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Helen Carty and Greg Chartier.

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With the continuing pressure from regulators for progress on IBOR reform and following publication of the preliminary results of the second ISDA consultation on pre-cessation issues, parties are turning back to their IBOR transition projects for derivatives. On this call we reviewed significant recent developments, including the recent publication of the Bloomberg Rulebook for IBOR fallback adjustments, and also looked ahead to expected developments over the upcoming months, including finalisation of the IBOR benchmark fallbacks supplement and associated protocol.

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On this call, in light of the difficulties being encountered by companies as a result of the Covid-19 outbreak and the likelihood that this may result in defaults in due course, we considered the impact which decisions which parties or governments may take in relation to the rights and obligations of parties to financial contracts may have on credit derivative transactions, as well as practical steps for buyers and sellers of credit protection to consider to prepare themselves for Covid-19 related credit events. We also took a look back at events over the past year, including the 2019 Narrowly Tailored Credit Events amendments which came into effect in January 2020 and noteworthy recent Credit Derivatives Determinations Committees determinations. Anne Drakeford will chair the discussion with colleagues Tim Cleary and Greg Chartier.

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On this call we discussed recent developments in respect of initial margin, including the introduction of the new Phase 6; developments in IM documentation; and key issues to consider as asset managers, funds and corporates begin to come into the scope of the margin rules pursuant to Phases 5 and 6. Paget Dare Bryan chaired the discussion with colleagues Will Winterton and Greg Chartier.

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On this call we first discussed the current status of IBOR reform, including the various ISDA consultations, the role of Bloomberg and the recent escalation of pressure from regulators for progress on IBOR reform. We then looked ahead to the next steps in IBOR reform, including ISDA documentation projects and the second consultation on pre-cessation issues and we also discussed what actions derivatives lawyers should be taking now. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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This call looked at upcoming regulatory developments affecting the derivatives market, including SFTR, open issues under EMIR, CSDR, the Investment Firms Regulation/Directive, the latest on IBOR transition and Brexit as well as the impact of sustainable finance regulation on derivatives. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Stephanie Peacock and Laura Douglas.

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Further to the recent publication by Clifford Chance together with ISDA, R3 and the Singapore Academy of Law of the paper "Private International Law aspects of smart derivatives contracts utilizing Distributed Ledger Technology", on this call we discussed the key legal issues relating to the use of Distributed Ledger Technology as considered in that paper and in the recent ISDA paper on smart derivatives contracts and collateral.

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Further to the recent publication by ISDA of its paper on Economic Sanctions Programs & Derivatives, on this call we discussed the current challenges and implications of sanctions for derivatives trading, market-standard documentation and key products and the areas identified in the ISDA paper for coherent guidance by lawmakers and regulators.

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This call provided an update on a broad range of derivatives-focussed cases over the last 12 months, covering issues such as negative interest under a CSA, jurisdiction clauses, EURIBOR misrepresentations and express/implied contractual terms as to market practice. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Simon James and Greg Chartier.

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On this call we discussed recent developments relating to governing law provisions, jurisdiction and recognition of judgments, the Hague Convention, arbitration and immunity as they impact derivatives transactions and documentation. Paget Dare Bryan chaired the discussion with colleagues Simon James and Greg Chartier.

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On this call we discussed key market abuse issues in the context of derivatives, including in relation to share buy-backs, taking and enforcing security, and when hedging or pre-hedging trades in the market and also provided some practical guidance on how to manage any enforcement risk. Paget Dare Bryan chaired the discussion with colleagues Oliver Pegden and Ramya Raghuram.

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This call discussed current regulatory issues for derivatives lawyers, including recent significant developments in respect of EMIR Refit and EMIR 2.2, SFTR, the Low Carbon Benchmarks Regulation, Sustainable Finance and derivatives, BRRD2 and CSDR. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Paul Lenihan and Laura Douglas.

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On this call we discussed IBOR reform progress in key currencies; the current status of ISDA projects relating to L/IBOR reform; and gave a market update, including on-going regulatory pressures for reform and other key considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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On this call we discussed key considerations for derivatives lawyers in the event of a no-deal Brexit, including contractual continuity and possible loss of grandfathering, ISDA documentation amendments, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Greg Chartier.

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On this call we discussed the current status of ISDA projects relating to L/IBOR reform, the latest issues being discussed in relation to moving derivatives to risk-free rates and connected risk issues and concerns as the market prepares to move to the new IBORS. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.

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This call discussed recent ISDA developments on smart contracts, the key legal challenges in using smart contracts in the derivatives market and the recent UK Jurisdiction Taskforce consultation. Paget Dare Bryan chaired the discussion with colleagues Peter Chapman and Michael Brown.

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Market fragmentation is currently a key theme for the FSB as it moves to assess the effects of the post crisis reforms. On this call we discussed whether regulation contributes to market fragmentation, what regulators can do about this and the impact for banks and other financial entities. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Gareth Old.

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On this call we provided an up-date on credit derivatives, including: the ISDA proposal on "narrowly tailored credit events"; significant recent credit derivatives committee determinations; and the ISDA 2019 German Bank CDS Protocol. Anne Drakeford chaired the discussion with colleagues Tim Cleary and Greg Chartier.

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On this call we provided an up-date on key regulatory issues affecting derivatives lawyers, including the recently finalised EMIR Refit, developments on SFTR and how these requirements will be affected by Brexit. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Dan Deacon and Paul Lenihan.

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On this call we discussed ISDA documentation projects relating to the requirement for robust fallbacks under the EU Benchmarks Regulation as well for the development of risk-free rate fallbacks in advance of IBOR discontinuation. Anne Drakeford chaired the discussion with colleagues Paget Dare Bryan and Greg Chartier.

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This call provided an update on a broad range of derivatives-focussed cases over the last 12 months, covering issues such as valuation, negative interest, miss-selling and amendment of contracts. Paget Dare Bryan chaired the discussion with colleagues Simon James, Anne Drakeford and Greg Chartier.

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This call provided an up-date on recently published market IM documentation, examined on-going IM advocacy efforts and looked at possible solutions to the imminent challenges of IM phase 4 & 5. Page Dare Bryan chaired the discussion with colleagues Will Winterton and James Geer.

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On this call, partners across Clifford Chance Asia Pacific offices gave an update on initial margin across the region, provided an overview of the principal margin jurisdictions and examined the key challenges of IM phases 4 & 5.

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This call discussed the recently released French law and Irish Law ISDA Master Agreements, examining their content and purpose as well as their likely application in the market.

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Thie call discussed smart contracts, including significant legal and regulatory issues and possible applications.

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This call discussed some key themes from Davos, including recent Fintech developments, applications of blockchain technology and the use of cryptocurrencies.

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This call provided an overview and up-date on the PRIIPs Regulation, including its impact on Exchange Traded Derivatives and on OTC Derivatives.

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On this call, our panel considered what we can expect out of COP26 for Green Finance, the current state of UK and EU ESG Regulations, the ongoing developments and initiatives in the global carbon markets and sustainability linked derivatives and also the future of ESG derivatives and structured products more generally.

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On this call the panel discussed recent developments in respect of initial margin, including lessons learned from the implementation of Phase 5 and some of the key issues to consider as more and more asset managers, funds and corporates begin to come into the scope of the margin rules under Phase 6. The panel also discussed recent regulatory developments relating to the margin rules in the UK and EU.

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