June 16, 2022
At an expedited application hearing Falk J made an interim mandatory injunction for the provision of documents concerning receivables which comprise the securitised assets in three securitisations. The applicant’s case was that it had a contractual right to be provided with the documents because it needed them to comply with its regulatory obligations to value the Senior Notes for its clients arising from Articles 60 and 63 of Commission Delegated Regulation (EU) 2017/565, implementing MiFID II. The strength of the applicant’s case and the inadequacy of damages as a remedy for the applicant (combined with their adequacy for the respondents) were found to justify interim mandatory relief. The Court’s discussion of reporting obligations to clients (paragraphs 73 to 82) may be of interest to firms (including firms subject to Articles 60 and 63 as retained EU law in the UK) and their advisors. Andrew de Mestre QC and Andrew Rose acted for the successful applicant.
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