Yeowart and Parsons on the Law of Financial Collateral
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Yeowart and Parsons on the Law of Financial Collateral

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets.
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Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick


The UK has an obligation to implement a Directive into national law so as to achieve the result envisaged by the Directive. In applying national law, UK courts are required, as far as possible, to do so in the light of the wording and purpose of the relevant Directive. UK courts accept as authoritative rulings of the European Court of Justice (‘ECJ’) on matters of EU law, including how Directives should be interpreted. While there is no definite statement of principles for interpreting EU legislation, the basic approach of the ECJ when interpreting an EU legislative instrument is: (a) to start with the terms of the legislative instrument, including its preamble; (b) if this does not resolve matters, to turn to the travaux préparatoires (preparatory documents); (c) if these do not resolve matters, to consider the usual meaning of expressions used, including comparing the different language versions of the instrument; (d) if this does not resolve matters, to consider the purpose and general scheme of the instrument. The ECJ has adopted a more liberal policy to the use of background materials in the interpretation of EU legislation than UK courts apply in the interpretation of purely domestic legislation. However, where UK national legislation implements a Directive, UK courts may follow the same interpretative approach as the ECJ and take into account the travaux préparatoires as an aid to interpretation.

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