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
June 30th has passed and one-, three- and six-month USD LIBOR settings have ceased to be published. As confirmed by the FCA on 3 April 2023, the ICE Benchmark Administration (IBA) has begun publishing non-representative...more
The United States Supreme Court denied a petition for certiorari filed by six foreign banks that argued that U.S. courts lacked personal jurisdiction over them. (Lloyd’s Banking Group. PLC v. Schwab Short-Term Bond Market...more
This edition of the Update covers: KEY LEGAL AND REGULATORY DEVELOPMENTS Regulatory Priorities ASIC and APRA Release Their Corporate Plans for 2021-25 On 26 August 2021, the Australian Securities & Investments Commission...more
Federal regulators have recommended that banks cease entering into new contracts using the London Interbank Offered Rate (“LIBOR”) as a reference rate by December 31, 2021. Additionally, the administrator of LIBOR will cease...more
LIBOR transition: Working Group's best practice guide for GBP loans and Q&A - The Working Group Sterling Risk-Free Reference Rates published a best practice guide for GBP loans. Alongside the guide, the Working Group also...more
As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food...more
In 2017, the United Kingdom regulator overseeing the London Interbank Offered Rate (LIBOR), a benchmark for rates for short-term interbank loans, announced that all currency and term variants of LIBOR, including U.S. dollar...more
The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021. With the expected...more
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
Focus areas included FCRA, Fair Lending, ancillary fees and services (such as lender placed flood insurance), TCPA, privacy and data security and other topics. Consumer Financial Protection Bureau’s Director Kathleen...more
The Financial Stability Board has written to G20 Finance Ministers and Central Bank Governors outlining the key focus areas for the FSB’s work ahead of the next G20 summit in Saudi Arabia in November 2020. The communication...more
Bank transaction activity has picked up as small and midsize banks look to adjust their business models to the digital economy. Some fintech companies have chosen to acquire or form their own banks. The clash between the new...more
The new year is here and with it two important developments in the derivatives markets for nonswap dealer clients to consider. The first development is the market response to the looming discontinuation of U.S. dollar LIBOR...more
The Financial Stability Board has published a progress report on reforms to major interest rate benchmarks. The report provides the FSB's annual update on progress taken by the official sector and market participants to move...more
I’m Dreaming of . . . LIBOR Cessation and Transition. While many of us were enjoying the holiday season, federal and state financial regulators were focused on the transition away from the London Interbank Offered Rate...more
The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more
The International Swaps and Derivatives Association has launched a consultation in which it proposes to amend its standard documentation to implement fallbacks based on alternative risk-free rates for certain key Interbank...more
There have been significant recent developments in U.S. Securities and Exchange Commission (SEC) regulation of foreign private issuers, (FPIs) including changes that impact the annual report on Form 20-F for fiscal year 2019....more
Many tax-exempt bonds and related hedges, such as interest rate swaps ("Exempt Instruments"), use a LIBOR-based interest rate. LIBOR is going away, and existing Exempt Instruments are going to have to be modified to replace...more
Many conduit tax exempt revenue bonds bear interest at a floating rate, most typically a percent of USD 1-month LIBOR (here, LIBOR). Many of these transactions have been synthetically “fixed” by the conduit borrower entering...more
We summarize below some of the most significant cartel enforcement developments from U.S. and other antitrust enforcers, including policy shifts, investigations, case filings, and court rulings. This report summarizes...more
They’re out there now, in small towns and big cities, getting ready to rise up and wreck financial havoc on unsuspecting bond issuers and borrowers. Unless they’re sought out early and neutralized, the zombie LIBOR interest...more
BREXIT - TheCityUK paper on continuity of cross-border financial contracts post-Brexit - On 20 June, TheCityUK published a paper on the continuity of cross-border financial contracts post-Brexit. In the paper, TheCityUK...more
Breaking News- New York Federal Judge Declares Structure of Consumer Financial Protection Bureau Unconstitutional- The U.S. District Court for the Southern District of New York held in Consumer Financial Protection...more
On June 4, 2018, Société Générale S.A., together with a subsidiary of the Paris-based global financial services institution, announced an agreement with both French and American authorities to resolve charges relating to...more