News & Analysis as of

Lenders Interest Rates Financial Conduct Authority (FCA)

Hogan Lovells

UK Mortgage Rule Review: FCA takes first step in introducing targeted flexibilities into the regulatory framework

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The FCA has finalised the changes that were proposed in May this year to make it easier for customers to engage with mortgage providers and make reductions to mortgage terms and remortgaging easier. This includes removing the...more

Mayer Brown

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

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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

Seward & Kissel LLP

"So Long Synthetic LIBOR"

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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

Proskauer - Regulatory & Compliance

Motor Finance Complaints – An Update on the FCA’s Recent Activity

On 30 July 2024, the United Kingdom Financial Conduct Authority (“FCA”) published a number of updates in relation to its work on complaints against motor finance firms. In particular, the FCA published an update...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

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

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

Proskauer Rose LLP

LIBOR Transition: Preparing for the End of LIBOR

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For the past several years, loan market participants have been well aware of the anticipated phase-out of the London Interbank Offered Rate (“LIBOR”) as a benchmark for floating rate instruments. Based on current regulatory...more

White & Case LLP

NYDFS Requires LIBOR Transition Plans by Early February

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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

White & Case LLP

LIBOR and the transition to SOFR: the multiple options to transition

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LIBOR, the reference rate for more than US$300 trillion of contracts globally and nearly US$200 trillion of US dollar contracts, is expected to cease after the end of 2021. In highlighting the limitations of the LIBOR reforms...more

White & Case LLP

LIBOR and the transition to SONIA: compounding the problem?

White & Case LLP on

In 2012, the Wheatley Review recommended reform rather than replacement of LIBOR, on the basis that a transition to a new benchmark would pose an unacceptably high risk of financial instability. Reform came in the form of a...more

Steptoe & Johnson PLLC

LIBOR To Be Discontinued! What Will Your Bank Do?

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In case you haven’t heard, the London Interbank Offered Rate (“LIBOR”) may be phased out by the end of 2021. Why? Because the Financial Conduct Authority (“FCA”) in the U.K. announced in July 2017 that it will stop requiring...more

Mintz - Real Estate, Construction &...

LIBOR Phase Out: Important Considerations for Negotiating Loan Documents

On July 27, 2017, the United Kingdom Financial Conduct Authority announced, without specifying a replacement, that it would phase-out the London Interbank Offer Rate (LIBOR) by the end of 2021. LIBOR, a rate measured by...more

Cole Schotz

Preparing Borrowers For The LIBOR Phase-Out: Some Practical Advice

Cole Schotz on

As a result of the well-publicized scandals involving LIBOR rate manipulation, British regulators announced plans in July 2017 to phase-out LIBOR by 2021 and replace it with a more reliable benchmark. In addition to other...more

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