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Financial Conduct Authority (FCA) Libor Banking Sector

ArentFox Schiff

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

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During the London InterBank Offered Rate (LIBOR) transition, and post LIBOR’s end date of June 30, 2023, the goal for all should be that (1) the effective interest rates be generally economically equivalent as a result of the...more

BCLP

Our Top 5 Banking Litigation Cases From 2024 - Looking Back to Look Forward

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2024 was a busy year for the Courts in England and Wales when it came to banking and wider financial services disputes. We were spoilt for choice when selecting our top 5 cases and, inevitably, have left out some significant...more

Seward & Kissel LLP

"So Long Synthetic LIBOR"

Seward & Kissel LLP on

Earlier this year, the Financial Conduct Authority (FCA) exercised its powers pursuant to Article 21(3) of the Benchmarks Regulation to compel ICE Benchmark Administration (IBA) to continue publishing 1-month, 3-month and...more

BCLP

Former Traders Tom Hayes and Carlo Palombos LIBOR Convictions Upheld by Court of Appeal

BCLP on

R v TOM HAYES & CARLO PALOMBO [2024] EWCA 304 On 27 March 2024, the Court of Appeal (Bean & Popplewell LJJ, Bryan J) dismissed the appeals against conviction following referrals of the appeals to the Court of Appeal by the...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

A&O Shearman

USD LIBOR panel has ceased…what now?

A&O Shearman on

June 30th has passed and one-, three- and six-month USD LIBOR settings have ceased to be published. As confirmed by the FCA on 3 April 2023, the ICE Benchmark Administration (IBA) has begun publishing non-representative...more

Cadwalader, Wickersham & Taft LLP

FCA Announces That USD LIBOR Is Not Representative

The last publication of USD LIBOR on the basis of panel bank submissions occurred on June 30, 2023. As of July 3, 2023, 1-, 3- and 6-month USD LIBOR settings will be calculated using a synthetic methodology based on CME Term...more

ArentFox Schiff

The End of LIBOR? ‘Zombie’ USD LIBOR to Appear on July 1

ArentFox Schiff on

Subject to appeal, ICE Benchmark Administration Limited (IBA) will be required to publish synthetic USD LIBOR beginning on July 1 so as to reduce any market disruption and maintain the orderliness of the financial system....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

ArentFox Schiff

The End of LIBOR: New Year’s Resolutions

ArentFox Schiff on

Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following: - ‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives - 1-Month and...more

A&O Shearman

LIBOR Transition: Further Proposed Changes to EU Clearing and Derivatives Trading Obligations

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The European Securities and Markets Authority has opened a consultation on proposals to amend the EU clearing and trading derivative obligations to reflect recent benchmark transitions from LIBOR to so-called risk-free rates....more

Hogan Lovells

The end is nigh (-bor): FCA consults on end to GBP LIBOR settings and need for synthetic USD LIBOR

Hogan Lovells on

It has been over five years since the Financial Conduct Authority ("FCA") called time on the publication of LIBOR. While most LIBOR settings ended on 31 December 2021, a small number of US dollar LIBOR settings and a handful...more

Skadden, Arps, Slate, Meagher & Flom LLP

LIBOR Transition: Shifting Market Headwinds Currently Make SOFR the Cheaper Borrowing Choice

On March 5, 2021, the Financial Conduct Authority (FCA) announced the future cessation or loss of representativeness of the 35 LIBOR benchmark settings currently published by ICE Benchmark Administration (IBA), the authorized...more

Hogan Lovells

With a New Year, Brings a New Rate . . . The Transition from LIBOR Is Now Here

Hogan Lovells on

In March 2021, the Financial Conduct Authority (FCA) and the ICE Benchmark Administration, the administrator of LIBOR, announced that sterling, euro, Swiss franc and Japanese yen LIBOR panels, as well as panels for one-week...more

Herbert Smith Freehills Kramer

Final Treasury Regulations Cushion Potential Tax Ramifications of Vanishing LIBOR

On Jan. 4, 2022, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) published final regulations (the Final Regulations) offering guidance to taxpayers with respect to the widely reported...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

Morgan Lewis

Final Treasury Regulations Published on Transition from IBORs to Qualified Rates

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The Internal Revenue Service and the US Treasury Department have issued final regulations providing rules for taxpayers transitioning from interbank offered rates to qualified rates. These regulations provide financial...more

A&O Shearman

UK Regulator Confirms Legacy Use of Synthetic LIBOR

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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

White & Case LLP

Regulatory Hot Topics: Highlights

White & Case LLP on

It has been a period rife with notable shifts on the global stage; a new administration in the US, the end of the Brexit transition period and the reaching of key milestones in the discontinuation of LIBOR, to name but a few....more

Ballard Spahr LLP

CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing...

Ballard Spahr LLP on

The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement)....more

ArentFox Schiff

As Halloween Approaches, 'Zombie' LIBOR Is Scheduled to Appear

ArentFox Schiff on

On September 29, 2021, the UK Financial Conduct Authority (UK FCA) proposed that synthetic LIBOR rates (i.e. ‘Zombie’ LIBOR) be published next year for certain currencies, for a maximum of ten (10) years. In addition, it also...more

A&O Shearman

LIBOR transition: less is more

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In the race to remediate, the moment has come for lenders to lighten up on corporate authorisations and legal opinions....more

Latham & Watkins LLP

Private Bank Briefing – June 2021

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The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021. In this edition, we cover sustainable finance developments, the...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

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