One step forward, two steps back – proposed EU regulation impacting cross-border receivables financing

We recently submitted to the European Commission our response to its proposed EU regulation on the law applicable to the third-party effects of assignments of claims. Whilst welcoming this long-awaited attempt to plug a gap left by the Rome I regulation, we have identified some serious problems with the Commission’s proposal – so serious that, in our view, unless they are sorted out it would be better to leave things as they are, unplugged gap and all. You can find our response to the European Commission here.