On 21 October 2020, HM Government published the Financial Services Bill 2019-21 (the “Bill”). The Bill amends the U.K.’s existing legislative framework for financial services in 17 distinct areas, addressing […]
This paper, although a departure from the Committee’s usual approach, is intended to survey the uncertainties in the context of LIBOR transition and the steps being taken by authorities around the world so as to draw attention to any residual issues.
The European Commission has published a proposal to amend the BMR (the “Legislative Proposal”) so as to ensure that regulators have the tools to guide the transition avoiding contract frustration and financial instability. The FMLC would like to draw attention to certain issues of uncertainty.
On 11 October 2019, the European Commission published a public consultation document on the review of the BMR (the “Consultation”). The FMLC has submitted a response
FMLC CEO Joanna Perkins gave a speech at Infoline’s Risk Free Rate conference on navigating the transition to a Risk Free Rate. She provided an overview of the Financial Stability […]
In an article for Butterworth’s Journal of International Banking and Finance Law, Dr Perkins and Jennifer Enwezor, former Project Manager at the FMLC Secretariat, examine the difficulties in the transition from IBOR benchmarks to alternative risk-free rates (“RFRs”).
Dr Perkins published an article entitled Benchmark transition under the new E.U. Regulation in the November edition of the Butterworths Journal of International Banking and Financial Law. The article provided […]
In June 2017, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates published a White Paper entitled SONIA as the RFR and approaches to adoption. The Working Group […]
Following the publication of the final report of the Independent Reference Prices Review in October 2016, the FMLC was alerted to concerns regarding the short transition period between the provision […]
The FMLC responded to a consultation paper published by the Bank of England in October 2016 on the evolution of the SONIA benchmark. The Consultation Paper sets out proposals for […]