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Financial Institutions Financial Conduct Authority (FCA) Interest Rates

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

ArentFox Schiff

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

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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

Mayer Brown

UK Supreme Court Grants Permission to Appeal Landmark Case on Motor Finance Commission Payments and Disclosure Thresholds

Mayer Brown on

Last week the Supreme Court granted permission to appeal the Court of Appeal's decision in a case examining the permissibility of motor finance commission payments, which challenged traditional legal thinking relating to...more

Cadwalader, Wickersham & Taft LLP

The UK’s Financial Conduct Authority Discusses Gaps in Firms' Surveillance for Market Abuse

The UK’s Financial Conduct Authority (FCA) has reported its observations on firms’ market abuse surveillance arrangements in the May edition of Market Watch. The newsletter looks at a peer review of surveillance model testing...more

BCLP

FCA’s Cash Savings Market Review

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On 31 July 2023, following roundtable discussions held with banks earlier that month, the FCA published its Cash Savings Market Review (the “Review”). In this insight we explore the content of the Review, as well as...more

A&O Shearman

USD LIBOR panel has ceased…what now?

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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

Springing into Q2 April 2023 - LIBOR Transition Update: Synthetic LIBOR Is Here

Back in March of 2021, we covered a number of developments pertaining to the end of LIBOR that came out of certain announcements made early that month by the Intercontinental Exchange Benchmark Administration (the “IBA”),...more

Mayer Brown Free Writings + Perspectives

FCA Synthetic LIBOR Announcement

On April 3, 2023 the U.K. Financial Conduct Authority (“FCA”) announced that it will require the administrator of U.S. dollar LIBOR to continue to publish one, three and six-month U.S. dollar LIBOR settings until September...more

Cadwalader, Wickersham & Taft LLP

FCA Seeks Feedback on ‘Synthetic’ USD LIBOR

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

Cadwalader, Wickersham & Taft LLP

FCA Issues Statement on the End of Synthetic Sterling LIBOR

On September 29, the UK’s Financial Conduct Authority (“FCA”) issued a statement that the publication of the 1-month and 6-month synthetic sterling LIBOR would permanently cease at the end of March 2023....more

Cadwalader, Wickersham & Taft LLP

FCA Consultation on the Winding Down of Synthetic Sterling LIBOR and the Future of US Dollar LIBOR

Recently the Financial Conduct Authority (“FCA”) announced a consultation seeking comments on the winding down of one-, three- and six-month synthetic sterling LIBOR settings and on the future of the remaining US dollar...more

Cadwalader, Wickersham & Taft LLP

FCA Announcement on Synthetic Sterling LIBOR

On April 25, 2022, the UK Financial Conduct Authority (“FCA”) provided an important update relating to the future of the London Inter-Bank Offered Rate (“LIBOR”) benchmark. On its updated Benchmarks Regulation: our powers,...more

Bass, Berry & Sims PLC

Katie Smalley Outlines Transition from LIBOR to SOFR

Bass, Berry & Sims PLC on

The moment has come – the moment that all have been awaiting since the summer of 2017 when the UK Financial Conduct Authority made its announcement to ultimately cease compelling reporting of the ubiquitous floating interest...more

A&O Shearman

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

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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

ArentFox Schiff

LIBOR Transition Comparison: UK vs. US (Round II)

ArentFox Schiff on

This article summarizes the significant problems with the LIBOR transition in the US as compared to the UK (and the rest of the world). This summary is based upon the keynote speech at the United Kingdom Financial Conduct...more

Hogan Lovells

Securities and markets regulatory news, April 2021

Hogan Lovells on

LIBOR transition: FCA and BoE encourage switch to SONIA in sterling non-linear derivatives market - The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint statement announcing that they...more

Latham & Watkins LLP

FCA Confirms Dates for Cessation of LIBOR Benchmarks

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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

Herbert Smith Freehills Kramer

The End of LIBOR

On March 5, 2021, the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and International Swaps and Derivatives Association (ISDA) made important announcements regarding the timelines of the cessations...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

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

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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

McNees Wallace & Nurick LLC

Transition From LIBOR Appears to Remain on Track (At Least for Now)

As both lenders and borrowers in the financial industry are well aware, the Financial Conduct Authority (FCA) of the United Kingdom publicly announced in 2017 that it would no longer compel financial institutions comprising...more

Holland & Knight LLP

Lenders Should Prepare Contractual Arrangements to Facilitate Transition Away from Libor

Holland & Knight LLP on

Central banks and regulators continue preparing for the Libor (London Interbank Offered Rate) cessation expected by the end of 2021. Both the Sterling Risk-Free Reference Rates Working Group (RFR WG) convened by the Bank of...more

White & Case LLP

NYDFS Requires LIBOR Transition Plans by Early February

White & Case LLP on

On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

Eversheds Sutherland (US) LLP

The heat is on - Regulators step up pressure to implement LIBOR transition plans

Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from LIBOR.  On December 23, 2019, the New York State Department of Financial Services...more

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