The financial instruments legislation Sample Clauses

The financial instruments legislation. The so-called ‘virtual’ PPAs (See above, Part. II), as financial instruments related to derivatives, fall within the scope of the European Market Infrastructure Regula- tion (EMIR).28 This Regulation, which took effect in 2012, aims at improving transparency on over-the-counter derivatives markets, which were previously unmonitored. Until very recently, both financial and non-financial par- ties entering into derivative contracts had an obligation to report any new derivative contract (including any virtual PPA), as well as any modification or termination of the contract to a ‘trade repository’ no later than the working day following the conclusion, modification or termination of the contract.29 From 18 June 2020, pursuant to the new EMIR Regulatory Fitness and Performance (REFIT),30 in case of an Over-the-Counter (OTC) derivative contract concluded between a financial counterparty and a non- financial counterparty not subject to the clearing obliga- tion, the financial counterparty will be solely responsible and legally liable for reporting on behalf of both counter- parties. In addition, EMIR REFIT provides that the reporting obligation shall not apply to derivative contracts within the same group where at least one of the counter- parties is a non-financial counterparty or would be quali- fied as a non-financial counterparty if it were established in the Union.31 As PPAs are generally entered into between two non-financial parties, these new exemptions should not apply in our views and both parties should remain subject to the reporting obligation. Non-financial parties which transactions aim at hed- ging risks (i.e. derivative contracts which are objectively measurable as reducing risks directly relating to the com- mercial activities and treasury activities of a non-financial counterparty),32 or, if this is not an hedging instrument, which activity on derivatives markets remains below a certain threshold, will however not be subject to the other, 26 Ibid. 27 Article L. 321–15 of the Energy Code. 28 Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. 29 EMIR, Art. 9. 30 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk- mitigation techniques for OTC derivative con...
Sample 1
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Related to The financial instruments legislation

  • Financial Instruments Not applicable

  • Impact of Legislation (a) The parties recognize and agree that they cannot be obligated or bound by any term, condition or provision, which would be contrary to any existing federal or provincial legislation or regulations passed pursuant thereto. In the event that any term, condition or provision, or part thereof, which is incorporated into this Agreement, whether by inadvertence, error or misunderstanding, is in fact or in law contrary to such federal or provincial legislation or regulation, then such term, condition or provision or part thereof, is void and of no effect.

  • International Agreements Each Party shall:

  • Data Protection Legislation the UK Data Protection Legislation and any other European Union legislation relating to personal data and all other legislation and regulatory requirements in force from time to time which apply to a party relating to the use of Personal Data (including, without limitation, the privacy of electronic communications) and the guidance and codes of practice issued by the Information Commissioner or relevant government department in relation to such legislation.

  • Overdraft Protection Plan If we have approved an overdraft protection plan for your account, we will honor checks drawn on insufficient funds by transferring funds from another account under this Agreement or a loan account, as you have directed, or as required under the Credit Union’s overdraft protection policy. The fee for overdraft transfers, if any, is set forth on the Rate and Fee Schedule. This Agreement governs all transfers, except those governed by agreements for loan accounts.

  • PROCEEDS OF CRIME LEGISLATION The Depositor acknowledges that the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations apply to the operation of the Account and that the Financial Institution will, from time to time, request information from the Depositor to address the reporting, record-keeping, client identification, and ongoing monitoring requirements of that legislation. The Depositor agrees to abide by and comply with all such requests.

  • EFFECT OF LEGISLATION If any law now existing or hereinafter enacted or any proclamation, regulation, or edict of any state or national agency shall invalidate any portion of this Agreement, the entire Agreement shall not be invalidated and either party hereto upon notice to the other party may reopen for negotiations the invalidated portion. If agreement herein cannot be reached within thirty (30) days, either party may submit the matter to mediation.

  • PRECEDENCE OF LEGISLATION 13.1 In the event that any law passed by Parliament applying to employees of the Council covered by this Agreement, renders null and void any provision of this Agreement, the remaining provisions of the Agreement shall remain in effect for the term of the Agreement.

  • Implementation Legislation The Contracting Parties shall enact any legislation necessary to comply with, and give effect to, the terms of the Agreement.

  • Additional Instruments The Member will execute and deliver any document or statement necessary to give effect to the terms of this Agreement or to comply with any law, rule or regulation governing the Company’s formation and activities.

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