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”.
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
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 […]
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”).
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 […]
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 & […]