Several years have passed since 29 March 2017, the date when the United Kingdom (UK) triggered Article 50 of the Treaty on European Union (TEU). This date has become well-known for paving the way to multiple legal and political issues, most of which depend on the agreement setting the conditions for the future relations between the European Union (EU) and the UK. In reference to the resolution of a credit institution established in the EU in a state of imminent crisis, Brexit might negatively affect its shareholders and bondholders who were called upon to contribute by absorbing losses and recapitalising the bank through the bail-in instrument. In particular, when the bail-in converts or writes down liabilities previously established under English law. To date, the EU legal framework for the resolution of credit institutions envisages a provision for the direct recognition of liabilities governed under any of the EU Member States’ law. This means that, due to Brexit, English law liabilities are no longer directly recognised at the EU level. However, the Bank Recovery and Resolution Directive (BRRD), one of the pillars of the EU legislation relating to resolution, leaves to each EU Member State the duty to require financial entities to include “resolution-proof” clauses in the contracts establishing such liabilities or, alternatively, to conclude a binding agreement with the relevant third country. This creates issues concerning both the recognition of English law liabilities established pre-BRRD and to post-BRRD liabilities not compliant with the contractual requirement. By analysing the EU and UK legal frameworks, this paper aims to address possible solutions to ease a future resolution procedure involving the use of the bail-in instrument towards English law liabilities. The purpose is to ease both the determination of the Minimum Requirement for own fund and Eligible Liabilities (MREL) and the resolution process for the relevant authority in charge of the resolution procedure, since an orderly bail-in of those problematic liabilities could improve the effectiveness of
{"title":"The impact of Brexit on “bail-inable” liabilities under English law","authors":"Pier Mario Lupinu","doi":"10.2139/ssrn.3628332","DOIUrl":"https://doi.org/10.2139/ssrn.3628332","url":null,"abstract":"Several years have passed since 29 March 2017, the date when the United Kingdom (UK) triggered Article 50 of the Treaty on European Union (TEU). This date has become well-known for paving the way to multiple legal and political issues, most of which depend on the agreement setting the conditions for the future relations between the European Union (EU) and the UK. In reference to the resolution of a credit institution established in the EU in a state of imminent crisis, Brexit might negatively affect its shareholders and bondholders who were called upon to contribute by absorbing losses and recapitalising the bank through the bail-in instrument. In particular, when the bail-in converts or writes down liabilities previously established under English law. To date, the EU legal framework for the resolution of credit institutions envisages a provision for the direct recognition of liabilities governed under any of the EU Member States’ law. This means that, due to Brexit, English law liabilities are no longer directly recognised at the EU level. However, the Bank Recovery and Resolution Directive (BRRD), one of the pillars of the EU legislation relating to resolution, leaves to each EU Member State the duty to require financial entities to include “resolution-proof” clauses in the contracts establishing such liabilities or, alternatively, to conclude a binding agreement with the relevant third country. This creates issues concerning both the recognition of English law liabilities established pre-BRRD and to post-BRRD liabilities not compliant with the contractual requirement. By analysing the EU and UK legal frameworks, this paper aims to address possible solutions to ease a future resolution procedure involving the use of the bail-in instrument towards English law liabilities. The purpose is to ease both the determination of the Minimum Requirement for own fund and Eligible Liabilities (MREL) and the resolution process for the relevant authority in charge of the resolution procedure, since an orderly bail-in of those problematic liabilities could improve the effectiveness of","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133943591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Through a variety of examples, an appraisal of EU third-country informal cooperation on migration is provided to show that a preference towards softer instruments of cooperation has emerged. To illustrate the breadth and depth of such informal tools, four perspectives are adopted: first, a geographical one, which elucidates the reach of the EU action; second, a perspective related to the vastness and variety of the objectives pursued through informal cooperation; third, one which focuses on the role of funding in support of this action; and lastly, a perspective which examines the narrative framework of soft cooperation. This paper aims to assess whether and to what extent this trend reflects either a ‘more’ or ‘less’ law approach to third country migration cooperation in the EU. Through the lens of European soft law theory, the status of informal cooperation within the realm of soft law is examined. As the choice of ‘more’ or ‘less’ law is inherently political, the preference for alternative law-making methods can have an immense impact on the functioning of a legal system. Thus, some of the practical consequences produced by soft law in this field are presented, namely de-proceduralisation, de-formalisation and de-legalisation.
{"title":"More or less (soft) law? The case of third country migration cooperation and the long-term effects of EU preference for soft law instruments","authors":"Eleonora Frasca","doi":"10.26494/QMLJ72463","DOIUrl":"https://doi.org/10.26494/QMLJ72463","url":null,"abstract":"Through a variety of examples, an appraisal of EU third-country informal cooperation on migration is provided to show that a preference towards softer instruments of cooperation has emerged. To illustrate the breadth and depth of such informal tools, four perspectives are adopted: first, a geographical one, which elucidates the reach of the EU action; second, a perspective related to the vastness and variety of the objectives pursued through informal cooperation; third, one which focuses on the role of funding in support of this action; and lastly, a perspective which examines the narrative framework of soft cooperation. This paper aims to assess whether and to what extent this trend reflects either a ‘more’ or ‘less’ law approach to third country migration cooperation in the EU. Through the lens of European soft law theory, the status of informal cooperation within the realm of soft law is examined. As the choice of ‘more’ or ‘less’ law is inherently political, the preference for alternative law-making methods can have an immense impact on the functioning of a legal system. Thus, some of the practical consequences produced by soft law in this field are presented, namely de-proceduralisation, de-formalisation and de-legalisation.","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129530515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Patent evergreening: technological advancement and abusive commercial practices. Availability of essential medicine in the case of access to insulin","authors":"Marta Radelli","doi":"10.26494/qmlj3941","DOIUrl":"https://doi.org/10.26494/qmlj3941","url":null,"abstract":"","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"137 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114536540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Trade Mark Infringement or Unfair Commercial Conduct? The Complications of Case C-129/17 “Mitsubishi”","authors":"S. Parimalam","doi":"10.26494/qmlj3945","DOIUrl":"https://doi.org/10.26494/qmlj3945","url":null,"abstract":"","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123200200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Blockchain and the General Data Protection Regulation: an irreconcilable regulatory approach?","authors":"Enza Cirone","doi":"10.26494/qmlj3939","DOIUrl":"https://doi.org/10.26494/qmlj3939","url":null,"abstract":"","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125617060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"REGULATION & USE OF DNA PROFILING IN INDIA","authors":"Rebant Juyal","doi":"10.26494/qmlj3940","DOIUrl":"https://doi.org/10.26494/qmlj3940","url":null,"abstract":"","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128996476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Transnational Challenges and Desired Ethical Standards in International Arbitration","authors":"Parita Goyal, Eeshan Pandey","doi":"10.26494/qmlj3943","DOIUrl":"https://doi.org/10.26494/qmlj3943","url":null,"abstract":"","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132661870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Climate change litigation as a means to address intergenerational equity and climate change","authors":"Danai Spentzou","doi":"10.26494/qmlj3944","DOIUrl":"https://doi.org/10.26494/qmlj3944","url":null,"abstract":"","PeriodicalId":129171,"journal":{"name":"Queen Mary Law Journal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127784590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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