Centrus welcomes new Irish Law ISDA master agreement for derivatives markets
The International Swaps and Derivatives Association, Inc. (ISDA) have published new Irish and French law 2002 ISDA Master Agreements. The new Master Agreements are intended to provide options for those institutions that would prefer to continue trading under a European Union (EU) member-state’s law with EU court jurisdiction clauses once the UK leaves the EU. Irish law was selected to represent common law systems in the EU.
With a client base across the UK, Ireland, and Europe, we at Centrus look forward to working closely with our clients and our legal counterparts in utilising the additional Irish law agreements in the future
Speaking on the topic, Jason Murphy, Managing Director and Head of Centrus in Ireland said: This is great step forward in having capital markets transactions fully under Irish Law increasing the options and efficiency of transactions for clients.
ISDA stated: English law may become a third-country law after the UK withdraws from the EU, which means English court decisions would no longer be automatically recognized and enforced across the EU and European Economic Area (EEA).
This documentation will no doubt appeal to the corporate treasury and fund management industries in Ireland given it will allow for Irish law to govern their derivative contracts and for disputes to be determined in Irish courts.
This would not be the case for Irish (or French) legal judgments under the new Master Agreements which will reduce the steps involved in settling a contractual dispute with an EU/EEA country.
The new and existing form ISDA Master Agreements are available on the ISDA bookstore.