Template:Csa Rights and Remedies comp: Difference between revisions
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The {{1994csa}} and {{2016nycsa}} versions, both being under New York law and of broadly the same intent, barring the scattering of (VM)s all over the shop, are predictably similar, with one difference: the {{2016nycsa}} contemplates the interplay of a regulatory margin VM CSA with any other CSA for non-regulated business, so has to deal with “any Cash amounts and the Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA (other than any Other CSA Excluded Credit Support)”. See this {{diff|85368|85364}}. | '''{{capitalise|{{sicsa}}s}}''': The {{1994csa}} and {{2016nycsa}} versions, both being under New York law and of broadly the same intent, barring the scattering of (VM)s all over the shop, are predictably similar, with one difference: the {{2016nycsa}} contemplates the interplay of a regulatory margin VM CSA with any other CSA for non-regulated business, so has to deal with “any Cash amounts and the Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA (other than any Other CSA Excluded Credit Support)”. See this {{diff|85368|85364}}. | ||
The {{imcsd}}, being under English law with all its own peculiarities about taking security, and also not really contemplating [[rehypothecation]] and that strikes against the heart and soul of regulatory IM, is quite different. | '''{{capitalise|{{ttcsa}}s}}''': There is no “Certain rights and Remedies” clause under either of the {{ttcsa}}s, so any stray references to them redirect to their {{sicsa}} equivalents | ||
'''IM CSD''': The {{imcsd}}, being under English law with all its own peculiarities about taking security, and also not really contemplating [[rehypothecation]] and that strikes against the heart and soul of regulatory IM, is quite different. | |||
Latest revision as of 19:17, 13 May 2024
security interest CSAs: The 1994 NY CSA and 2016 NY VM CSA versions, both being under New York law and of broadly the same intent, barring the scattering of (VM)s all over the shop, are predictably similar, with one difference: the 2016 NY VM CSA contemplates the interplay of a regulatory margin VM CSA with any other CSA for non-regulated business, so has to deal with “any Cash amounts and the Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA (other than any Other CSA Excluded Credit Support)”. See this comparison.
title transfer CSAs: There is no “Certain rights and Remedies” clause under either of the title transfer CSAs, so any stray references to them redirect to their security interest CSA equivalents
IM CSD: The 2018 English law IM CSD, being under English law with all its own peculiarities about taking security, and also not really contemplating rehypothecation and that strikes against the heart and soul of regulatory IM, is quite different.