Together with the European Financial Markets Lawyers Group, on 19 March 2021 FMLC sent a letter to regulatory authorities in key jurisdictions urging cooperation in relation to the discontinuance of LIBOR. Given the...
Author - Rebecca Jones
Rebecca Jones
FCA announcements on the end of LIBOR
FCA has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and...
HM Treasury launches consultation on supporting the wind-down of critical benchmarks
HM Treasury has launched a consultation on the case for additional legal protections for parties affected by the wind-down of a critical benchmark. On 21 October 2020, the government introduced the Financial Services...
UK Finance publishes guide for banks and lenders on discontinuation of LIBOR
UK Finance has published a guide for banks and lenders on the discontinuation of LIBOR. This is intended as a toolkit for members to support their engagement for the move away from LIBOR and to sign post to the relevant...
Consultation on successor rate in legacy bonds referencing GBP LIBOR
The Working Group on Sterling Risk Free Rates has published a consultation paper seeking feedback on whether it would be helpful for the Working Group to make a recommendation on a successor rate to GBP LIBOR for bonds...
European Council adopts new rules addressing LIBOR cessation
The European Council today announced amendments to the Benchmark Regulation addressing the termination of financial benchmarks, specifically the anticipated phasing-out of LIBOR by the end of 2021. The aim of the new...
FCA and Bank of England issue press release on completing sterling LIBOR transition by end-2021
FCA and the Bank of England have issued a press release titled “The final countdown: Completing sterling LIBOR transition by end-2021”. The document stresses that with the LIBOR administrator, ICE Benchmark...
FCA response to IBA’s proposed consultation on intention to cease US$ LIBOR
FCA has responded to the ICE Benchmark Administration (IBA) announcement on 30 November 2020 that it will consult in early December on its intention to cease US$ LIBOR. IBA intends that, subject to confirmation...
Lending Standards Board and UK Finance publish LIBOR transition guidance
On 28 October 2020, the Lending Standards Board and UK Finance published best practice guidance for firms on the transition of SMEs to non-LIBOR linked products. The related press release notes that with less than 18...
Financial Markets Law Committee publishes report on LIBOR transition
The Financial Markets Law Committee (FMLC) has today published a report entitled “LIBOR Transition – Issues of Legal Uncertainty”. The paper is intended to survey the uncertainties in the context of...
FSB publishes global transition roadmap for LIBOR
On 16 October 2020 the Financial Stability Board (FSB) published a global transition roadmap for LIBOR. The FSB coordinates at the international level the work of national financial authorities and international...
LIBOR transition – tough legacy issues
The Working Group on Sterling Risk-Free Rates has published a paper on the identification of “tough legacy” issues. Tough legacy contracts are those that do not have robust fallbacks and prove unable to be...
Statement on impact of Covid-19 on LIBOR transition – update
Further to their statement on 25 March 2020, the Working Group on Sterling Risk-Free Rates has updated its statement on the impact of Covid-19 on the timeline for firms’ LIBOR transition plans. The update states that...
Land Registry to accept Mercury PDF documents during Covid-19 pandemic
In response to the Covid-19 pandemic, the Land Registry has confirmed that it will accept PDF copies of certain deeds, including transfers and legal charges, until further notice. Previously only wet ink deeds had been...
Further statement on the impact of Coronavirus on the timeline for LIBOR transition
Following a joint statement on 25 March, the Working Group on Sterling Risk-Free Rates has issued a further statement on the impact of Coronavirus on the timeline for firms’ LIBOR transition plans. The statement...
Regulators look at Covid-19 effects on LIBOR transition planning
FCA, the BoE and the Sterling Risk-Free Reference Rates group have reminded firms to keep in mind that they should still not rely on LIBOR being published after the end of 2021. However, the regulators understand that...
Working Group updates on progress towards key 2020 LIBOR milestones
The Working Group on Sterling Risk-Free Reference Rates has today published a series of updates on progress made towards the key 2020 milestones for LIBOR transition. The first update is a statement on how bond markets...
FCA writes to CEOs on end of LIBOR
FCA has written a Dear CEO letter to asset management firms on preparing for the end of LIBOR. It expects firms to take all reasonable steps to ensure the end of LIBOR does not lead to markets being disrupted or...
Bank of England speech: turbo-charging LIBOR transition
Andrew Hauser of the Bank of England has announced two new initiatives to encourage Sterling LIBOR transition in a speech on 26 February 2020. Firstly, the Bank is going to publish a daily SONIA Compounded Index from...
Sustainable lending and the election
We have written an article about sustainable lending and the implications of the election manifesto pledges on the green lending market
BUSINESS CONTRACT TERMS REGULATIONS RESURRECTED
The draft Business Contract Terms (Assignment of Receivables) Regulations, which appeared to have been scrapped in late 2017, have been resurrected with a revised draft laid before Parliament for approval. The...
GOVERNMENT SCRAPS NEW GOODS MORTGAGES BILL
HM Treasury has published the response to its September 2017 consultation on the proposed Goods Mortgages Bill and has announced that it is no longer planning to introduce new legislation on this subject at this time...
NEW BUSINESS CONTRACT TERMS REGULATIONS WITHDRAWN
The draft Business Contract Terms (Assignment of Receivables) Regulations 2017, which had been laid before Parliament on 14 September 2017, have now been withdrawn The draft regulations had been the subject of criticism...
CITY OF LONDON LAW SOCIETY RESPONSE TO NEW BUSINESS CONTRACT TERMS REGULATIONS
The City of London Law Society has written to the Department for Business, Energy and Industrial Strategy outlining a number of concerns with the draft Contract Terms (Assignment of Receivables) Regulations 2017. The...
REGULATIONS TO TACKLE CONTRACT TERMS PREVENTING ASSIGNMENT OF RECEIVABLES LAID BEFORE PARLIAMENT
A revised draft of the Business Contract Terms (Assignment of Receivables) Regulations 2017 has been laid before Parliament. The regulations provide that, save in respect of certain listed contracts, contractual terms...
Law Commission publishes draft Goods Mortgages Bill
Following a 2016 report in which the Law Commission concluded that the Bills of Sale Acts should be repealed and replaced with legislation less burdensome to lenders and more protective of borrowers, and its...
NEW TRADE BODY FOR FINANCE SECTOR
A new body is to launch later in 2017, designed to be the authoritative voice for the finance sector in the UK. The name and brand of the body is to be announced in summer 2017. Bob Wigley will oversee the appointment...
LMA responds to Treasury Committee’s call for evidence on EU exit and transitional arrangements
The Loan Market Association (LMA) has responded to the UK Treasury Committee’s call for evidence on EU exit and transitional arrangements, in preparation for the start of official negotiations upon the triggering...
INSOLVENCY RULES TO CHANGE IN APRIL 2017
The new rules which will guide insolvency practice are to come into force on 6 April 2017. The Insolvency Rules 2016 have been introduced to consolidate the Insolvency Rules 1986 and their numerous amendments into a...
LMA responds to Treasury consultation on MLD4
The LMA has responded to HM Treasury’s consultation on the transposition of the Fourth Money Laundering Directive (MLD4) into national law. The LMA has said that there are certain instances where the obligation to...
FCA publishes final report on corporate and investment banking
The FCA has published the final findings from its thematic review into corporate and investment banking. The study was designed to foster competition in the industry and has concluded that whilst many clients are well...