Jonathan Gilmour
Jonathan specialises in derivatives and structured products from both a transactional and advisory standpoint. He is widely regarded by peers and clients as one of the leading specialists in his field. He counts among his clients some of the UK's largest and most sophisticated financial institutions, investment managers, private equity houses, challenger banks and occupational pension schemes. Jonathan regularly negotiates and advises on ISDA, GMRA and GMSLA documentation as well as the impact of related regulation including EMIR and SFTR. He also advises on the structure and documentation of bespoke transactions to hedge exposure to key market risks, including interest rate, inflation, FX and longevity; and advises on investment management, custody, clearing and collateral management arrangements, as well as pension scheme funding and risk transfer arrangements.
Jonathan's practice also includes advising clients on the inter-relationship between derivatives and ESG, sustainable finance, regulatory disclosure requirements and carbon trading.
Practice Areas
Panel
- Contributing Author
Qualified Year
- 2006
Experience
- Macquarie Bank Limited (2011 - 2012)
- Slaughter & May (2004 - 2011)
Membership
- International Swaps and Derivatives Association (ISDA)
- International Capital Market Association (ICMA)
- International Securities Lending Association (ISLA)
- Futures Industry Association (FIA)
- Various Scoping Forums of the Financial Markets Law Committee
- Alternative Investment Management Association (AIMA)
- Invest Europe Derivatives Working Groups
- Association of Pension Lawyers' Investment and DC Sub-Committee
- Society of Pension Professionals' Investment Committee
- Treasurer of the Pensions Management Institute's London Group
- Governance Committee of the UK Voluntary Carbon Market (VCM) Forum
- The UK Sustainable Investment & Finance Association's (UKSIF) Green Taxonomy Advisory Working Group and Industry Development Committee
- UK Board of the Global Alliance of Impact Lawyers
Qualifications
- LPC, Law (2004)
- Law, (LLB, Hons) (2003)
Education
- BPP Law School (2004)
- The University of Manchester (2003)
3 Contributions by Jonathan Gilmour
PRACTICE NOTES
Practitioner's guide to repo and the English law GMRA: title transfer, recharacterisation, margining, defaults, close-out netting, clearing, and FCAR/SFTR compliance
What is repo?
A repo, the market shorthand for a 'repurchase transaction', is an arrangement whereby one party (the seller) sells an asset to another (the buyer) with a simultaneous contractual undertaking that the seller will repurchase the asset from the buyer on a future date for a specified price agreed between both parties in advance.
Any asset capable of being transferred from one person to another may, in principle, be the subject of a repo transaction.
The assets most commonly used in repos are debt securities (bonds), equity securities (shares) and other financial assets, including loans and commodities.
However, commodity repos can raise distinctive documentary, structural and legal issues, which are not addressed in this Practice Note. For guidance on commodity repos, see Practice Note: Commodity repo transactions and true sale considerations...
Banking & Finance
PRACTICE NOTES
Securities lending under the English law GMSLA (2010): mechanics, collateral, netting, defaults, Pledge GMSLA, FCAR and SFTR
What is securities lending?
A securities lending arrangement typically sees the lender transferring a security outright to a borrower, while the borrower concurrently delivers collateral to the lender by way of an outright transfer. At the same moment, they agree that, on a future date, the borrower will return equivalent securities and the lender will return the collateral...
In 2018, the International Securities Lending Association (ISLA) issued documentation allowing parties to provide collateral under a security interest rather than via title transfer. This Practice Note focuses on transactions supported by title transfer collateral and, below, summarises the security interest approach together with the key differences from title transfer collateral...
Any asset capable of being transferred between parties can be used in a securities lending transaction. The assets most frequently involved are equity securities (shares) and debt securities (bonds), although comparable arrangements also exist for other financial assets, such as loans and commodities...
Banking & Finance
PRACTICE NOTES
UK occupational pension scheme trustees: drafting and negotiating discretionary investment management agreements: key regulatory and commercial issues
The management of assets belonging to another person on a discretionary basis is a 'regulated activity' overseen by the Financial Conduct Authority (FCA).
As a general position, trustees of occupational pension schemes (Trustees) are not typically authorised by the FCA, or under applicable legislation, to manage most categories of scheme assets. Consequently, Trustees must pass day-to-day investment decisions to an FCA-authorised party to implement investments on their behalf. A frequent approach is to appoint an investment manager (the Manager), which constitutes a delegation of their core investment responsibilities. When a Manager is engaged under a discretionary investment management agreement (an IMA), the Trustees confer their discretionary investment powers. The scheme employer may also join the IMA to meet requirements connected to recovering VAT—see Practice Note: VAT and pension scheme costs. In contrast to investment advisory mandates or non-discretionary management arrangements, the Manager is empowered to execute transactions for the Trustees. Accordingly, it is vitally important that the Trustees are clear about the scope...
Pensions
If you expected to see yourself on this page, click here.
