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<br /> Global Financial Markets<br /> insiGht<br /> Products • Analysis • Visionary Ideas<br /> WIll A leAk Turn InTo A Flood?<br /> ProPosAl For A regulATIon on sImPle,<br /> TrAnsPArenT And sTAndArdIsed<br /> securITIsATIon<br /> emIr deVeloPmenTs: consIderATIons<br /> For PensIon scheme TrusTees<br /> chArAcTerIsTIcs oF guArAnTees<br /> In ukrAInIAn cAPITAl mArkeT<br /> TrAnsAcTIons<br /> dexIA credIoP V commune dI PrATo<br /> Amended coVered Bonds regulATIon<br /> In PolAnd: A neW erA For The PolIsh<br /> cAPITAl mArkeT<br /> germAn drAFT resoluTIon mechAnIsm<br /> AcT: TermInATIon rIghTs In FInAncIAl<br /> conTrAcTs<br /> gIBrAlTAr sTock exchAnge – neW kId<br /> on The Block<br /> www.dlapiper.com | Issue 8, Q4 2015<br /> www.dlapiper.com | 01<br /> 02 | Global Financial Markets Insight<br /> Contents<br /> 04 Will a leak turn<br /> into Flood? ProPosal<br /> For a reGulation on<br /> siMPle, transParent<br /> and <a title="2992138_GFMI_Issue_8_Q4 page 1" href="http://viewer.zmags.com/publication/4a5dc26c?page=1"> Global Financial Markets insiGht Products • Analy</a> <a title="2992138_GFMI_Issue_8_Q4 page 2" href="http://viewer.zmags.com/publication/4a5dc26c?page=2"> 02 | Global Financial Markets Insight</a> <a title="2992138_GFMI_Issue_8_Q4 page 3" href="http://viewer.zmags.com/publication/4a5dc26c?page=3"> Contents 04 Will a leak turn into Flood? </a> <a title="2992138_GFMI_Issue_8_Q4 page 4" href="http://viewer.zmags.com/publication/4a5dc26c?page=4"> Will a leak turn into Flood? ProPosAl For A regul</a> <a title="2992138_GFMI_Issue_8_Q4 page 5" href="http://viewer.zmags.com/publication/4a5dc26c?page=5"> aiM oF the ProPosal The Proposal aims at: (1) Res</a> <a title="2992138_GFMI_Issue_8_Q4 page 6" href="http://viewer.zmags.com/publication/4a5dc26c?page=6"> original lender makes the required retention and </a> <a title="2992138_GFMI_Issue_8_Q4 page 7" href="http://viewer.zmags.com/publication/4a5dc26c?page=7"> eMir develoPMents: considerations For Pension sch</a> <a title="2992138_GFMI_Issue_8_Q4 page 8" href="http://viewer.zmags.com/publication/4a5dc26c?page=8"> that it, and the European Commission, considered </a> <a title="2992138_GFMI_Issue_8_Q4 page 9" href="http://viewer.zmags.com/publication/4a5dc26c?page=9"> MarGin risk MitiGation requireMent risk Mitigati</a> <a title="2992138_GFMI_Issue_8_Q4 page 10" href="http://viewer.zmags.com/publication/4a5dc26c?page=10"> As with the clearing obligation, the standards ap</a> <a title="2992138_GFMI_Issue_8_Q4 page 11" href="http://viewer.zmags.com/publication/4a5dc26c?page=11"> www.dlapiper.com | 11</a> <a title="2992138_GFMI_Issue_8_Q4 page 12" href="http://viewer.zmags.com/publication/4a5dc26c?page=12"> characteristics oF Guarantees in ukrainian caPita</a> <a title="2992138_GFMI_Issue_8_Q4 page 13" href="http://viewer.zmags.com/publication/4a5dc26c?page=13"> There are a number of pitfalls to take into accou</a> <a title="2992138_GFMI_Issue_8_Q4 page 14" href="http://viewer.zmags.com/publication/4a5dc26c?page=14"> ukrainian leGal landscaPe On the contrary, the Uk</a> <a title="2992138_GFMI_Issue_8_Q4 page 15" href="http://viewer.zmags.com/publication/4a5dc26c?page=15"> an agreement where a lender will be indemnified b</a> <a title="2992138_GFMI_Issue_8_Q4 page 16" href="http://viewer.zmags.com/publication/4a5dc26c?page=16"> dexia credioP v coMMune di Prato Swaps entered</a> <a title="2992138_GFMI_Issue_8_Q4 page 17" href="http://viewer.zmags.com/publication/4a5dc26c?page=17"> The English Cour t has therefore simply recognise</a> <a title="2992138_GFMI_Issue_8_Q4 page 18" href="http://viewer.zmags.com/publication/4a5dc26c?page=18"> aMended covered bonds reGulation in Poland: A neW</a> <a title="2992138_GFMI_Issue_8_Q4 page 19" href="http://viewer.zmags.com/publication/4a5dc26c?page=19"> On 5 August 2015, an amendment to the Polish Act </a> <a title="2992138_GFMI_Issue_8_Q4 page 20" href="http://viewer.zmags.com/publication/4a5dc26c?page=20"> GerMan draFt resolution MechanisM act Termination</a> <a title="2992138_GFMI_Issue_8_Q4 page 21" href="http://viewer.zmags.com/publication/4a5dc26c?page=21"> The intention is to create enough time for reorga</a> <a title="2992138_GFMI_Issue_8_Q4 page 22" href="http://viewer.zmags.com/publication/4a5dc26c?page=22"> Gibraltar stock exchanGe neW kId on The rock</a> <a title="2992138_GFMI_Issue_8_Q4 page 23" href="http://viewer.zmags.com/publication/4a5dc26c?page=23"> www.dlapiper.com | 23</a> <a title="2992138_GFMI_Issue_8_Q4 page 24" href="http://viewer.zmags.com/publication/4a5dc26c?page=24"> This publication is intended as a general overvie</a>