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Financial Markets Law Committee

Financial Markets Law Committee

Furthering legal certainty in the wholesale financial markets

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Tag: Benchmark Reform

EFMLG and FMLC Joint Letter: LIBOR transition: 19 March 2021

22 March 202122 March 2021 admin

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 […]

 Publications

Response to Consultation: Supporting the wind-down of critical benchmarks: 15 March 2021

15 March 202115 March 2021 admin

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.

 Publications

Report: LIBOR Transition—Issues of Legal Uncertainty: 23 October 2020

23 October 202023 October 2020 admin

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. 

 Publications

Response to Consultation: Proposal to Amend the Benchmarks Regulation: 6 October 2020

06 October 202006 October 2020 admin

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.

 Publications

Benchmark Transition: Legacy Contracts and Legal Risks: 17 May 2018

17 May 201807 January 2021 admin

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 […]

 Presentations

Journal Article: The market transition pathway from LIBOR to “risk-free” rates: 16 April 2018

16 April 201808 January 2021 admin

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”).

 Presentations

Journal Article: Benchmark Transition under the new E.U. Regulation: November 2017

01 November 201721 August 2018 admin

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 […]

 Brexit, Presentations

Letter to Bank of England: Response to BoE White Paper on SONIA: 9 October 2017

09 October 201721 August 2018 admin

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 […]

 Publications

Financial Benchmarks: Evolution and Regulation: 13 June 2017

13 June 201707 January 2021 admin

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 […]

 Presentations

Letter to U.K. Debt Management Office: Withdrawal of Reference Prices for Gilts: 31 March 2017

31 March 201721 August 2018 admin

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 […]

 Publications

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"onshoring" statutory instruments200320092011201220132014201520162017201820192020Benchmark ReformBrexitDirectorate General Internal Market and ServicesEmergency PowersEMIREuropean CommissionEuropean Union (Withdrawal) Act 2018Finance and TechnologyFinancial BenchmarksFinTechHM TreasuryJonathan FaullLetterLIBORPresentationReportU.K. Withdrawal from the E.U.
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