5. Concluding remarks

In the international financial markets, following the collapse of the various Lehman Brothers entities, many hedge funds and other prime brokerage clients were left with unsecured claims as a result of Lehman Brothers reusing their assets as collateral in its own financing transactions. Due to the losses they suffered, new regulations have been introduced in order to increase the protection for investors. Market participants have also been renegotiating their prime brokerage agreements and new structures have developed as a response to the increased awareness of the risks involved in the custody and prime brokerage markets.

In contrast, apart from a couple of new cases which are completely unrelated to the financial crises, not a lot has happened in this area in Sweden <1>. Whether this is due to the fact that Sweden has been quite insulated from the crises or whether it is due to the conservative implementation of the Financial Collateral Directive (see Sect. 3.2) is left unsaid. Instead, future developments seem to depend on upcoming EU regulations such as the European Markets in Infrastructure Regulation (EMIR), which allows central counterparties (CCPs) to use clients' and clearing members' assets provided that such use is foreseen by the CCP's operating rules and the clearing member has confirmed its acceptance of the operating rules in writing <2>. EMIR also includes a requirement that collateral should be held on segregated accounts <3>.

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<1> See: for instance NJA, 2009. P. 500; NJA, 2007. P. 599.

<2> See: Art. 39 of Proposal for a Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (11 April 2012). EMIR is expected to enter into force at the end of 2012.

<3> Art. 39 of EMIR distinguishes between so called "omnibus client segregation" and "individual client segregation".

Эйлис ферран

ПРИРОДА ПЛАВАЮЩЕГО ОБЕСПЕЧЕНИЯ <*>

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<*> Перевод выполнен с любезного разрешения автора и редакции журнала "Cambridge Law Journal" по: Ferran E. Floating Charges - The Nature of the Security // Cambridge Law Journal. 1988. Vol. 47. Issue 2. P. 213 - 237. - Примеч. ред.

Один из важнейших источников финансирования деятельности компаний - это займы и кредиты. Однако банки и другие профессиональные финансовые организации, выдающие займы, стремясь минимизировать риски их невозврата, требуют установления обеспечения на имущество заемщика. Один из важнейших типов обеспечения, распространенных в банковской практике, - это плавающее обеспечение (floating charge).

Плавающее обеспечение было впервые признано судами как эффективная форма обеспечения, устанавливаемого по соглашению сторон, еще в XIX в., и с тех пор оно весьма широко распространилось в деловой практике. Но, несмотря на активное применение плавающего обеспечения, существует значительное количество неясностей в природе и последствиях установления такого обеспечения. В предлагаемой статье делается попытка часть этих неясностей устранить.