Change in Law - Equity Derivatives Provision: Difference between revisions

Change in Law - Equity Derivatives Provision (view source)

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 {{eqderivsnap|12.9(a)(ii)}}
-====Commentary====
+==Commentary==
-{{triplecocktail}}
+===Omission of "material increase in costs" limb===
-Note the industry has generally moved to omit the "{{eqderivprov|Increased Cost of Hedging}}" aspects of this definition - see for example the [[2007 European Master Equity Derivatives Confirmation Agreement]], which provides the following:
+Note the industry has generally moved to omit the "{{eqderivprov|Increased Cost of Hedging}}" aspects of this definition. You may also see this expressed as: "Applicable, provided that section {{eqderivprov|12.9(a)(ii)(Y)}} of the Equity Definitions does not apply." See also, for example the [[2007 European Master Equity Derivatives Confirmation Agreement]], which provides the following:
 {{eqderivsnap|Amended Change In Law}}
-You may also see this expressed as: "Applicable, provided that section {{eqderivprov|12.9(a)(ii)(Y)}} of the Equity Definitions does not apply."
+===Consequences===
+The consequences of a {{eqderivprov|Change in Law}} (or an {{eqderivprov|Insolvency Filing}} are set out in {{eqderivprov|12.9(b)(i)}}:
-The consequences of a {{eqderivprov|Change in Law}} (or an {{eqderivprov|Insolvency Filing}} are set out in {{eqderivprov|12.9(b)(i)}} as follows:
 {{eqderivsnap|12.9(b)(i)}}
+{{triplecocktail}}
 {{eqderivanatomy}}