That`s why ISDA wants to add the new European legal and judicial options in addition to the existing English, Japanese and New York law options. In order to be representative of the civil and common law systems throughout the EU, French and Irish legislation has been proposed. We are also examining the possibility of designating the courts of an EU-27 Member State for agreements under English law. A no-deal Brexit and the subsequent loss of the European passport for UK financial institutions will have an impact on investment services agreements, in particular these, which provide for two levels of contractual formalisation: if proceedings are not initiated before the end of the transposition period and/or if there is no agreement between the UK and the EU27 and if the corresponding jurisdiction clause within the EU is considered to be completely exclusive, there will be uncertainty as to whether an EU court will declare itself incompetent in favour of the English courts if England is not a Member State of the EU Convention or Lugano. However, if appeals are also brought before the English courts, the English courts would probably have the power, after Brexit (and unless the Brussels SI is modified and/or annulled), to issue an injunction against Den approche in order to limit new proceedings elsewhere in the EU in order to protect their jurisdiction under an exclusive jurisdiction clause, which they cannot do at the moment. At this point, we don`t have enough information to say for sure. If there is an agreement between the EU and Britain that preserves certain aspects of the current legal framework – for example, the automatic recognition of court decisions – it may not be much. If there is no agreement, this automatic recognition between the EU and Britain would disappear after Brexit. Some companies in the EU and the European Economic Area (EEA) may wish to maintain the comfort of automatic recognition throughout the EU/EEA by using the jurisdiction of an EU/EEA country. On the basis that the 2005 Hague Convention in the United Kingdom was adopted from 1 October 2015 on or after 1 There remains some uncertainty as to whether exclusive jurisdictional agreements in favour of english courts, concluded on 1 October 2015 (date of entry into force of the 2005 Hague Convention in the EU) but before 1 November 2019, fall within the scope of the 2005 Hague Convention. This will ultimately be an issue on which the competent court of the Convention and/or the Court of Justice of the European Union will have to rule, although the European Commission has proposed that the 2005 Hague Convention should only apply to exclusive trial agreements concluded after its entry into force in the United Kingdom on 1 November 2019 (or otherwise). [23] On March 12, 2020, the International Swaps and Derivatives Association, Inc (“ISDA”) published a model amendment agreement that allows parties to an ISDA framework agreement under English law to transform that agreement into an equivalent Irish or French legal version (the “Amendment”).

[1] www.isda.org/2018/01/08/brexit-and-the-isda-master-agreement/ [2] www.isda.org/2018/01/08/brexit-and-the-isda-master-agreement/ [3] Article 10 of Directive 2001/24/EC on the reorganisation and winding-up of credit institutions; Article 273 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 relating to the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast). [4] Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast). [5] Article 1 of Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I). . . .