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Banking Sector Benchmarks United Kingdom

ArentFox Schiff

The End of LIBOR: Hotel California Edition [Part V]

ArentFox Schiff on

In a recent alert, we highlighted the United Kingdom (UK) benchmark manipulation cases of Tom Hayes and Carlo Palombo from 2015 and 2019, respectively. Hayes was the first banker to be jailed in the LIBOR scandal....more

Ballard Spahr LLP

LIBOR to Survive Until September 30, 2024

Ballard Spahr LLP on

Summary - The UK Financial Conduct Authority (FCA) recently announced the results of its November 2022 consultation on synthetic USD LIBOR. In line with the FCA consultation, USD LIBOR will continue to be published by the...more

A&O Shearman

Term SOFR: six months on

A&O Shearman on

In May 2022 we reported that where Term SOFR was being used widely in U.S. loans; its use in other markets was more limited. Six months on, how has the picture changed?...more

A&O Shearman

UK Conduct Regulator's Rules for Use of Synthetic Sterling and Yen LIBOR Enter Into Force

A&O Shearman on

The U.K. Financial Conduct Authority's new rules permitting legacy use of certain synthetic sterling and yen LIBOR settings enter into force today. The FCA has published its final notice confirming that ICE Benchmark...more

A&O Shearman

UK Regulator Confirms Legacy Use of Synthetic LIBOR

A&O Shearman on

The U.K. Financial Conduct Authority has confirmed that the use of  certain synthetic sterling and yen LIBOR settings will be permitted until the end of 2022 for legacy LIBOR-referencing contracts, other than cleared...more

McGuireWoods LLP

Mid-Year Check In on LIBOR Transition Developments

McGuireWoods LLP on

The last few months have seen the pace of change accelerate in the business loan market’s transition away from LIBOR. Several alternatives to the replacement benchmark rate recommended by the Alternative Reference Rates...more

Katten Muchin Rosenman LLP

Tax Implications of LIBOR Reform

LIBOR (London Interbank Offered Rate) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale-unsecured funds. It is used in numerous financial instruments such as loans,...more

McGuireWoods LLP

FCA Consults on Use of New LIBOR Transition Powers

McGuireWoods LLP on

On May 20, 2021, the UK Financial Conduct Authority (FCA) published a consultation on its proposed policy framework for exercising two of its new powers under the Benchmarks Regulation, as introduced by the UK Financial...more

Quinn Emanuel

Transitioning Away from LIBOR:  A Constantly Shifting Landscape

Quinn Emanuel on

I. What’s the issue? The London Interbank Offered Rate (“LIBOR”) is the most widely used interest rate benchmark in the world, referenced in some $373 trillion notional value of financial transactions of all types. But...more

A&O Shearman

LIBOR Transition – Legislative Solutions

A&O Shearman on

As LIBOR (London Interbank Offered Rate) transitions, various jurisdictions are mapping out the path forward. ...more

Latham & Watkins LLP

FCA Confirms Dates for Cessation of LIBOR Benchmarks

Latham & Watkins LLP on

On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration...more

Eversheds Sutherland (US) LLP

FCA announcement triggers LIBOR endgame

On 5 March 2021, the UK Financial Conduct Authority (FCA) and the administrator of LIBOR, ICE Benchmark Administration (IBA) each made important announcements for parties to instruments or other contracts referencing LIBOR. ...more

Holland & Knight LLP

FCA Announces Future Cessation and Non-Representativeness of Libor Benchmarks

Holland & Knight LLP on

As widely expected, the United Kingdom's Financial Conduct Authority (FCA), the regulator for Libor (the London Interbank Offered Rate), has issued an announcement confirming that all 35 Libor benchmark settings currently...more

McNees Wallace & Nurick LLC

LIBOR Regulator Announces Definitive LIBOR Cessation Guidance

On November 30, 2020 UK and US regulators published a series of statements providing guidance and milestones for the transition away from LIBOR and cessation of LIBOR rate publication....more

Adler Pollock & Sheehan P.C.

The LIBOR Phase-Out: What Borrowers Should Know Now

The London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate index used in setting the interest rate for many variable-rate loans and other financial obligations. LIBOR is currently set to be phased out in...more

McGuireWoods LLP

ICE Benchmark Administration and UK FCA Announce LIBOR Endgame Consultations

McGuireWoods LLP on

On November 18, 2020, the LIBOR administrator ICE Benchmark Administration (IBA) announced that they will consult on their intention to cease publication of GBP, EUR, CHF and JPY LIBOR settings across all tenors. Their...more

Jones Day

UK Financial Services Bill Includes New Powers for FCA to Manage LIBOR Transition

Jones Day on

The proposed powers for the Financial Conduct Authority ("FCA") to manage the London Interbank Offered Rate ("LIBOR") transition should address so-called "tough legacy" contracts involving UK participants but could also have...more

McGuireWoods LLP

UK Financial Services Bill: Amendments to the Benchmarks Regulation to support LIBOR transition

McGuireWoods LLP on

On October 21, 2020, the UK Government introduced the Financial Services Bill (the Bill) to Parliament. The Bill is seen as a vital step towards ensuring the UK’s continued status as a global finance hub in the post-Brexit...more

Stoel Rives - Renewable + Law

LIBOR Transition Will Begin to Accelerate as 2021 Approaches

Over the course of the next several months, participants that are actively engaged in project financing will need to begin thinking about how to manage the transition away from the London interbank offer rate (LIBOR, known as...more

A&O Shearman

UK LIBOR Working Group Publishes Recommendations on SONIA Conventions for the Sterling Loan Market

A&O Shearman on

The U.K.'s Working Group on Sterling Risk-Free Reference Rates has published a set of non-binding Recommendations on the conventions that market participants may wish to adopt to support their use of the Sterling Overnight...more

A&O Shearman

Revised ISDA 2006 Definitions Implementing Pre-Cessation Fallbacks Expected in July 2020

A&O Shearman on

The International Swaps and Derivatives Association has published a summary, prepared by the Brattle group, of the responses to the ISDA 2020 consultation on how to implement pre-cessation fallbacks in derivatives....more

Quinn Emanuel

Disputes Arising from LIBOR’s Cessation: Are You Ready?

Quinn Emanuel on

In light of the various price-fixing scandals surrounding the London Interbank Offered Rate (“LIBOR”) and the limited activity in the London interbank market, the U.K. Financial Conduct Authority (“FCA”) announced in 2017...more

Latham & Watkins LLP

10 LIBOR Transition Focus Areas

Latham & Watkins LLP on

Work is progressing on the transition away from the London Interbank Offered Rate (LIBOR), but not as fast as the regulators would like. On November 21, 2019, the UK’s Financial Conduct Authority (FCA) published a speech by...more

Seyfarth Shaw LLP

Undeterred by the COVID-19 Pandemic, ARRC Publishes on April 8, 2020 a Methodology for Addressing Differences between LIBOR and...

Seyfarth Shaw LLP on

On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”) agreed to align itself with the International Swaps and Derivatives Association, Inc. (“ISDA”), in recommending to the market a “spread adjustment”...more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector - December 2019

Latham & Watkins LLP on

Since it entered into force in 2018, the PRIIPs Regulation has raised a number of issues. These range from issues concerning the scope of the Regulation, in particular its application to corporate bonds and the impact this...more

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