Together with the European Financial Markets Lawyers Group (the “EFMLG”)—a group of senior legal experts from the EU banking sector, hosted by the European Central Bank, dedicated to making analysis […]
The Committee has expressed the view that safe-harbour legislation would address the worst-case risks of frustration, avoidance or force majeure termination which, although they may have only a small chance of crystallising, would be potentially significant in their impact owing to the systemic importance of market standard terms.
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.
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 […]
At a seminar in Paris, organised by RIMES on 13 June 2017, on preparing for the incoming E.U. Benchmarks Regulation, FMLC CEO Joanna Perkins presented uncertainties related to benchmark evolution […]
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 […]