FSA warns again about legal hazards in risk transfer market


LONDON -- The complexity of transferring risk to different parts of the financial services industry can expose financial firms to significant legal risk given that complex legal structures are generally required, the UK’s Financial Services Authority (FSA) said in early May.

Cross-sector risk transfer most often occurs when firms use credit derivatives to pass on credit risk or catastrophe (cat) bonds to offload the risk of a catastrophe occurring. It is the fastest growing area of the credi

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