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United Kingdom Libor Financial Conduct Authority (FCA)

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

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

A&O Shearman

Financial Services and Markets Act 2023 (Commencement No 8) Regulations 2024 Published

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The U.K. Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 have been made. The Regulations revoke certain pieces of EU law retained in the U.K. post-Brexit as well as bringing into force amendments...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

Cadwalader, Wickersham & Taft LLP

Quick Updates From the UK and Europe

There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights. The EU has renewed its determination that the solvency regime for US-headquartered insurers and...more

American Conference Institute (ACI)

U.K. Parliament Giving Whistleblower Protections a Fresh Review

Recent legislative developments in the United Kingdom, public remarks from the new director of the UK Serious Fraud Office (SFO), and recent parliamentary hearings on the Post Office Horizon scandal put a spotlight on...more

Proskauer Rose LLP

Regulation Round Up - February 2024

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Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Proskauer Rose LLP

Regulation Round Up - September 2023

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Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

ArentFox Schiff

A Long Hot Summer: Effective Variable Rates Subject to Increase (Irrespective of General Market Conditions)

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There are major issues arising from the phaseout of the US Dollar London InterBank Offered Rate (LIBOR), which will soon become apparent in connection with LIBOR’s fast-approaching end date. This will dramatically impact many...more

Proskauer Rose LLP

Regulation Round Up - April 2023

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Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in April 2023: 28 April FCA Handbook: The Financial Conduct...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

Cadwalader, Wickersham & Taft LLP

FCA Compels the Publication of ‘Synthetic’ USD LIBOR

After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority (“FCA”). The FCA said that the “synthetic”...more

Ballard Spahr LLP

LIBOR to Survive Until September 30, 2024

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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

Alston & Bird

The Last Days of LIBOR

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Our Financial Services & Products Group discusses the status of the financial industry’s transition away from LIBOR, including the final rule identifying replacement benchmarks that was recently adopted by the Board of...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

Sheppard Mullin Richter & Hampton LLP

Synthetic USD LIBOR

As market participants prepare to submit comments on the recent proposal of the UK’s Financial Conduct Authority (the “FCA”) (available here) to require the temporary publication of a “synthetic” 1-, 3- and 6-month USD LIBOR,...more

Ballard Spahr LLP

As SOFR Deadline Looms, FCA Proposes Extensions for 'Synthetic' Approach to Legacy USD LIBOR Contracts

Ballard Spahr LLP on

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

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

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

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

Proskauer Rose LLP

Regulation Round Up - April 2022

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Key developments in April 2022: 29 April - The Financial Stability Board (“FSB”) published for consultation an interim report that recommends measures to assist supervisory and regulatory authorities in developing...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

Proskauer Rose LLP

Regulation Round Up - February 2022

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. 28 February - The Financial Conduct Authority (“FCA”) published Handbook Notice...more

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