Construction Webinar Series: Construction Contractors: Considerations in Subcontracting Plans and OFCCP Compliance
Carrie Penman on Helpline Data Since the Pandemic
Podcast: CFTC Issues LIBOR Transition Relief for Swaps
On October 1, 2024, the United Kingdom Financial Conduct Authority (UK FCA) phased out ‘Zombie’ LIBOR, as a transitional benchmark, with the move to alternative “risk-free” rates....more
The FCA found that wholesale data markets can be improved, but has ruled out a significant intervention. The FCA has published the findings of its wholesale data market study (MS23/1.5), which examined competition in the...more
Last month, the Financial Conduct Authority (FCA) announced that, after conducting a “preliminary review” of ESG benchmarks, “the overall quality of ESG-related disclosures made by benchmark administrators was poor” and...more
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
The regulator is concerned that ESG-related disclosures are not meeting expectations. The FCA has published a Dear CEO letter sent to benchmark administrators on 20 March 2023, expressing concerns about the quality of...more
Summary - The United Kingdom Financial Conduct Authority (FCA) on November 23 published its Consultation on ‘Synthetic’ U.S. Dollar LIBOR to advance some synthetic applications of USD LIBOR from June 30, 2023, until...more
On November 23, the UK’s Financial Conduct Authority (“FCA”) released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a...more
On September 8, the UK’s Financial Conduct Authority (“FCA”) published a “Dear CEO” letter setting out its strategy and supervisory priorities for overseeing benchmark administrators under the UK Benchmark Regulations (“UK...more
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
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
The Basel Committee on Banking Supervision (“BCBS”) published a report jointly with the World Bank setting out the findings from a global survey on proportionality in banking regulation and supervision....more
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
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
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
While the end of widespread use of the U.S. Dollar London Inter-Bank Offered Rate (“LIBOR”)1 has been looming for several years, there have been a number of key developments recently in the transition away from LIBOR that...more
As LIBOR (London Interbank Offered Rate) transitions, various jurisdictions are mapping out the path forward. ...more
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
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
As reported in our previous alert “Losing LIBOR in the Capital Markets — Are You Ready?,” the anticipated date for discontinuation of the London Interbank Offered Rate (LIBOR) is approaching. While LIBOR is a widely used...more
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
Operational resilience: developments in the financial services sector in the UK - In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new...more
The Financial Conduct Authority (“FCA”), the UK regulator of LIBOR, announced several years ago that it would no longer compel panel banks to provide LIBOR quotes after December 31, 2021. The FCA also stated in March of this...more
On November 30, ICE Benchmark Administration ("IBA"), the administrator of LIBOR, announced a consultation on its intention to cease publishing USD LIBOR (1) in the case of 1-week and 2-month LIBOR, on December 31, 2021; and...more
The Intercontinental Exchange (ICE) Benchmark Administration (IBA), which is the administrator of the London Interbank Offered Rate (Libor), announced on Nov. 30, 2020, that it will consult in early December on its intention...more
UK BMR: FCA approach to orderly wind down of LIBOR and consultation on Statements of Policy - The UK Financial Conduct Authority has published a document on the Benchmarks Regulation (UK BMR) and proposed amendments under...more