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Amended Change In Law - Equity Derivatives Provision: Difference between revisions
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Amended Change In Law - Equity Derivatives Provision (view source)
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The Standard {{eqderivdefs}} definition of Change in Law is often amended as follows (for example in the [[2007 European Master Equity Derivatives Confirmation Agreement]]: | The Standard {{eqderivdefs}} definition of Change in Law is often amended as follows (for example in the [[2007 European Master Equity Derivatives Confirmation Agreement]]: | ||
====Commentary==== | |||
If the underlying is listed in a closed market, we would not accept the last sentence of {{eqderivprov|Change in Law}} in your email below (i.e. provided that this Section {{eqderivprov|12.9(a)(ii)}} shall not apply if the {{eqderivprov|Calculation Agent}} determines that such party could have taken reasonable steps to avoid such illegality). | |||
The reason is that in a closed market, it is often difficult to determine whether a party could have taken reasonable steps to avoid the illegality. | |||
{{eqderivsnap|Amended Change In Law}} | {{eqderivsnap|Amended Change In Law}} | ||
{{eqderivanatomy}} | {{eqderivanatomy}} | ||