this response to the FCA’s Consultation on its new powers over the use of critical benchmarks, the FMLC has highlighted uncertainties in relation to the BMR generally, which in turn lead to confusion regarding the new powers and the difficulties in defining the “tough legacy” contracts in relation to which the FCA may use its new powers.
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”.
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.
This meeting of the Infrastructure Scoping Forum was chaired and hosted by Barney Reynolds of Shearman & Sterling LLP. Forum members discussed the Investment Firms Review and the impact on […]
On 8 December 2017, members of the Quarterly Discussion Forum met for the third and last teleconference of 2017. The meeting was chaired by the FMLC. On the agenda were […]