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”.
Tag: LIBOR
Letter to HM Treasury: Financial Services Bill 2019-21: 13 January 2021
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 […]
Report: LIBOR Transition—Issues of Legal Uncertainty: 23 October 2020
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.
Response to Consultation: Proposal to Amend the Benchmarks Regulation: 6 October 2020
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.
Benchmark Regulation: Response to the European Commission’s 2019 Review: 31 December 2019
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
Banking Scoping Forum meeting: 11 December 2018
A meeting of the Banking Scoping Forum was held on 11 December 2018. The meeting was chaired by Clare Dawson of the Loan Market Association. Forum members discussed, among other […]
Journal Article: The market transition pathway from LIBOR to “risk-free” rates: 16 April 2018
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”).
Infrastructure Scoping Forum meeting: 8 March 2018
On 8 March 2018, members of the Infrastructure Scoping Forum met for the first meeting of 2018. The meeting was chaired by John Ewan. On the agenda were topics such […]
Infrastructure Scoping Forum meeting: 11 December 2017
On 11 December 2017, members of the Infrastructure Scoping Forum met for the fourth and last quarterly meeting of 2017. The meeting was chaired by Emma Dwyer of Allen & […]