Response to FCA: Consultation on the proposed policy with respect to the exercise of its powers in relation to LIBOR Transition: 18 January 2021

To facilitate the transition of “tough legacy” contracts away from LIBOR, HM Government has introduced the Financial Services Bill 2019-21 (the “Financial Services Bill”) which grants new powers under to the Financial Conduct Authority (“FCA”) to help it manage an orderly “wind-down of critical benchmarks”.

Report: Issues of Legal Uncertainty Arising in the Context of Monetary Finance: 6 January

This note, published in pursuit of the FMLC’s educational remit, outlines some of the legal issues which arise in the context of monetary policy and monetary financing, and considers a recent judicial decision in relation to the distinction between monetary policy and monetary financing, so as to highlight particular consequences for stimulus policies by National Central Banks.