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Lehman Brothers International (Europe) (In Administration), Re

Subject: Banking and finance

Keywords: Charges; EU law; Financial collateral arrangements; Floating charges; Retrospective legislation; Security

Summary: The statutory requirement that the financial collateral in a "security financial collateral arrangement" falling within the Financial Collateral Arrangements (No.2) Regulations 2003 should be "in the possession or under the control of the collateral-taker" entailed there being sufficient possession or control in the hands of the collateral-taker for it to be proper to describe the collateral-provider as having been "dispossessed".

Member of Chambers: Iain Milligan QC acted for Lehman Brothers International (Europe) (instructed by Linklaters LLP)