Peter Werner [KompatibilitÃ¤tsmodus] - Institute For Law And Finance

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Current Issues: Kuwait • No re-characterisation risk re. wagering or insurance, but possible re. title transfer • Exclusive jurisdictions clauses ineffective as soon as one counterparty is Kuwaiti • <strong>For</strong>eign judgments unenforceable • Arbitral awards enforceable • Special Central Bank of Kuwait Instruction allows for certain types of derivatives transactions to be entered into by banks • No netting legislation. Courts unlikely to permit netting “to the detriment of third parties”. No definition of this criterion available, in the sole discretion of the court. 18
Current Issues: Pakistan • In 2006, State Bank of Pakistan started drafting Netting of Financial Contracts Act. • Adopted by Cabinet in August 2009, submitted to parliament for further discussions • Act based on ISDA Model Netting Act and EU Collateral Directive. Reflects additional ISDA comments provided. • Addresses title transfer and security interest collateral arrangements • <strong>For</strong>eign counterparties expressly included • Final adoption during current parliamentary term or falling victim to new constitutional rules on expiry of draft bills? 19
Page 1 and 2: Islamic Derivatives - Law Reform in
Page 3 and 4: Law Reform and ISDA • Significant
Page 5 and 6: ISDA’s Law Reform Efforts in Emer
Page 10 and 11: Selected Int’l Legal Instruments
Page 12 and 13: Islamic Jurisdictions and the role
Page 14 and 15: Current Issues: UAE • No UAE-wide
Page 16 and 17: Current Issues: Bahrain • No spec
Page 20: For further information For further

Peter Werner [KompatibilitÃ¤tsmodus] - Institute For Law And Finance

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