Fund Tokenisation: The Financial Conduct Authority (“FCA”) published a press release announcing that it has joined the Monetary Authority of Singapore’s Project Guardian, a collaborative initiative with the financial industry...more
On November 20, 2020, the working group on euro risk-free rates (the Euro Working Group) published two consultations on fallback rates to EURIBOR. Market participants were invited to provide their views on the potential...more
Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others. Recent regulatory developments of interest to...more
“Nel contratto di mutuo non è giuridicamente configurabile un tasso di interesse negativo che incida sul capitale mutuato. Conseguentemente, quando il tasso d’interesse sia stato pattuito in misura variabile, esso non può...more
Challenge of the guidelines of the European Banking Authority and notice of compliance by the Prudential Supervisory and Resolution Authority (ACPR) In its notice of September 8, 2017, the ACPR stated that it complies with...more
As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe....more
The European Central Bank has published a report by the working group on euro risk-free rates providing high-level recommendations for fall-back provisions in contracts for cash products and derivatives transactions...more
This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more
Tomorrow heralds an important milestone in the evolving saga of LIBOR's discontinuation, seeing the launch of the fifth and final rate, €STR, as the proposed successor to euro LIBOR. However, although in our other articles...more
The European Money Markets Institute has published a Benchmark Statement on the administration of Euro Interbank Offered Rate (Euribor)...more
The Benchmarks Regulation (BMR) – or to give it its long name, the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds ((EU) 2016/1011) –...more
Just months after Whole Foods raised prices on certain items after an initial Amazon-pushed lowering, Bezos & Co. are planning cuts on “hundreds of items” as early as this week in an effort to “change the chain’s high-cost...more
The Situation: The updating of the Euro Interbank Offer Rate ("Euribor") to align it with the EU Benchmark Regulation 2016/1011 ("EU BMR") is in full swing. Under the EU BMR, only EU and third country BMR compliant benchmarks...more
The European Money Markets Institute has published a second consultation paper (dated October 17, 2018) on its proposals to introduce a hybrid determination methodology for the Euro Interbank Offered Rate (Euribor). EMMI is...more
Six months have now passed since publication of the Dechert OnPoint, LIBOR – Where Are We Now?, and in that period progress on benchmark reform and the development of alternative risk-free-rates (RFRs) has gathered pace. At a...more
The U.K. Financial Conduct Authority has issued a Final Notice to a former employee of a major EU bank, prohibiting him from performing any function in relation to any regulated financial activity. The individual had been...more
The European Central Bank has announced its recommendation of the Euro short-term rate - ESTER - as a euro risk-free rate by a private sector working group. The group also recommends that ESTER replaces the Euro overnight...more
The European Money Markets Institute has published a feedback summary report on its March 2018 consultation on a hybrid determination methodology for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for...more
The European Central Bank has published a consultation on behalf of the Working Group on Euro Risk-Free Rates. The ECB provides the secretariat for this Working Group. The Working Group is tasked, among other things, with...more
Milwaukee-based Harley-Davidson announced on Monday that it will shift some of its motorcycle production overseas “to avoid retaliatory tariffs imposed by the European Union” in response to the White House’s trade moves....more
The European Money Markets Institute has announced the planned cessation of three of the current tenors for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for Euribor, a major euro interest reference...more
On June 4, 2018, the Commodity Futures Trading Commission filed and settled charges against a major European investment bank, and the U.S. Department of Justice entered into a deferred prosecution agreement with the bank...more
The European Money Markets Institute has announced the start of the testing phase for a new hybrid methodology it proposes to introduce to determine Euribor. The testing phase will run from May 2, 2018 to July 31, 2018....more
Division of Investment Management of the SEC Issues No-Action Letter to SSB - On May 8, 2018, the Chief Counsel's Office of the Division of Investment Management ("IM") of the Securities and Exchange Commission (the...more
The European Money Markets Institute (“EMMI“) has provided an update on its development of EURIBOR through a press release, available here. EMMI previously stated that it was working on the development of a hybrid...more