Private Equity


Derivatives in Italy

By: SMAFassociates

The main tools of DERIVATIVES market in Italy are entering into and executing an ISDA Master Agreement (and the Confirmations under such Master Agreement, the “ISDA agreement”) and a GMRA Master agreement (the “GMRA agreement”) and to perform its obligations under such agreements.

This note will be over the two species of contractual netting agreement and about:

- The law governing the netting agreements and their transactions (and/or confirmations) and
- The netting arrangements and the law of the jurisdiction.

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Private Equity: Jargon and Hermeneutics

By: SMAFassociates

Private Equity is the field where lawyers fight on interpretation of contracts.
- Our art is doing such construction of legal expressions. We follow the Literalism (literal text of the Contract): Just read the words: All answers found in the wording, no external sources as support. The Advantage is removing judge's predisposition: you follow the contract, not what the judge wants the contract to say. Problems with Literalism are Ambiguity, Lack of precision in language itself, Words having different meanings and contexts.

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