Cornerstone Research Experts in Focus: Andrea Eisfeldt
Videocast: Asset management regulation in 2020 videocast series – Regulators step up pressure to implement LIBOR transition plans
Podcast: CFTC Issues LIBOR Transition Relief for Swaps
Podcast: Credit Funds: Replacing LIBOR – Steps To Consider Taking Now
Wayward Financial Institutions Facing Increasingly Stricter Punishment
Weekly Brief: New DOJ Tact Pushes Bank Subsidiaries To Admit Guilt
Weekly Brief: Will RBS Plead Guilty In LIBOR Scandal?
Corporate Law Report: U.S. Manufacturing, Social Media, Online Endorsements, Hart Scott Rodino, More
Weekly Brief: Lawyers Advised To Accept New Reality
Jonathan Armstrong on Global Regulatory Cooperation
Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more
Welcome to Debt Download, Goodwin’s monthly newsletter covering what you need to know in the leveraged finance market. We hope you are enjoying the Spring weather! Note: Some of the links in this newsletter may redirect...more
December 16, 2022- Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Cory Booker (D-NJ) sent a letter to the United States Government Accountability Office (GAO)...more
Future framework for regulation of UK financial services: Treasury Committee report - The House of Commons Treasury Committee has published its Fifth Report of Session 2021-22 on the future framework for regulating financial...more
Queen's Speech 2021 and Dormant Assets Bill - On 11 May 2021, the Queen's Speech set out the government's legislative priorities for the next parliamentary session. ...more
BoE banking solvency stress test 2021 scenario - The Bank of England (BoE) has updated its stress testing webpage and published the solvency stress test 2021 scenario for banks and building societies that are not part of...more
Draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2020 - A draft version of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2020 has been...more
Approach to assessing resolvability: BoE consultation - The Bank of England (BoE) and the Prudential Regulation Authority (PRA) are consulting in parallel on a package of proposals relating to their policies for...more
BoE and CFTC MoU for supervision of cross-border clearing organisations - The Bank of England (BoE) and the US Commodity Futures Trading Commission (CFTC) have signed an updated memorandum of understanding (MoU) regarding...more
30 July - The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case. The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20)...more
Andrew Bailey’s most recent speech on LIBOR transition (now in his new capacity as Governor of the Bank of England) likened the transition away from LIBOR to the game of cricket...more
The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. On 23 June 2020, the FCA published a statement...more
The FCA, the Bank of England, and members of the Working Group on Sterling Risk-Free Reference Rates have stated that firms should still plan for the transition away from LIBOR at the end of 2021. On 25 March 2020, the...more
Card-acquiring market review: PSR update on timings - The Payment Systems Regulatory (PSR) has published an update on when it intends to publish its interim report on the card-acquiring market review. The PSR is planning to...more
Spring 2020 Budget: key financial services announcements - The Chancellor of the Exchequer, Rishi Sunak, has delivered the Spring 2020 Budget. The Budget includes a number of measures of interest to financial services...more
Andrew Hauser, the Executive Directive of Markets at the Bank of England, today announced the launch of two significant initiatives to boost the U.K.’s transition away from sterling LIBOR. Firstly, the BoE intends to begin...more
The Bank of England, U.K. Prudential Regulation Authority, U.K. Financial Conduct Authority and the Working Group on Sterling Risk-Free Reference Rates have published a set of documents outlining priorities and milestones for...more
The U.K. Financial Policy Committee has issued a summary of the resilience of the U.K. financial system to potential economic shocks and the vulnerabilities it faces. The summary follows the FPC’s meeting on October 2, 2019,...more
The Situation: The LIBOR manipulation scandal and vanishing liquidity in the London inter-bank market for time deposits led the Financial Conduct Authority ("FCA") to announce that at the end of 2021, banks would no longer be...more
The Bank of England (“BoE”) has initiated a review of its own exposure to LIBOR, and in particular, the exposure to the collateral that banks and other financial firms are asked to provide when borrowing from the BoE under...more
Jobs report Friday! Here’s what to have in mind while you’re reviewing the numbers – Bloomberg and NYTimes and WSJ and MarketWatch Apple officially hit the stupefying $1 trillion market cap mark yesterday, as its shares rose...more
FEMR progress report commends the efforts of firms to drive higher market standards - HM Treasury (HMT), Bank of England (BoE), and the Financial Conduct Authority (FCA) have issued a progress report in relation to the...more
A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more
Each business day, shortly before 12:00 p.m. London time, the London Interbank Offered Rate, or LIBOR, is published. The rate, which is the average of up to 20 banks’ estimates of the interest rate at which they can borrow...more
Bad news for RBS, which is tasked with scrounging up more capital after failing its Bank of England stress test—a bad sign for a British financial system still coping with Brexit fallout....more