Abstract

Structured Investment Vehicles or SIVs are highly complex derivative-related vehicles and products, typically involving offshore “bankruptcy-remote” special purpose companies and trusts, complex rules for the management of portfolios of derivative assets and additional rules for the distribution of funds between different investors and classes of investors. This paper illustrates the challenges and complexity of the bespoke drafting involved in SIVs and the type of litigation that could ensue, by considering a number of sections from key Structured Investment Vehicle contracts and questions recently considered before the English courts. Some student test problems and drafting exercises are also included in the paper.

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