On January 27, 2022, the United States Court of Appeals for the Second Circuit issued a decision in United States v. Connolly, overturning the 2018 fraud convictions of two former traders at a large financial institution. A...more
Financial Industry Developments - Changes Proposed to CAS and STACR Programs - On May 8, 2017, Fannie Mae and Freddie Mac announced that they are considering certain changes to the structure of their CAS and STACR...more
On May 10, 2017, the British Bankers’ Association (BBA) published a Brexit quick brief: “External trade policy and a UK exit from the EU – the UK’s WTO profile and beyond”. The UK’s decision to leave the EU means that...more
On May 23, 2016, the Second Circuit breathed new life into the class action case against 16 banks belonging to the British Bankers’ Association (the Banks), vacating the Southern District of New York’s dismissal of the case...more
On June 4, the British Bankers’ Association (BBA) published its response to a consultation on remuneration guidelines previously published by the European Banking Authority (EBA) on March 4. The draft guidelines...more
In This Issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more
Council of the EU Adopts Bank Recovery and Resolution Directive - On May 6, the Council of the EU adopted at first reading the text of the Bank Recovery and Resolution Directive (BRRD). The BRRD seeks to harmonize...more
Effective as of February 1, 2014, Intercontinental Exchange (ICE) Benchmark Administration Ltd. took over as the new administrator of LIBOR. A new administrator to replace the British Banker's Association (BBA) is one of the...more
Recently, the entity administering the London Interbank Offered Rate (LIBOR), a common benchmark for setting interest rates in commercial transactions, was changed. This change may require amendments to existing loan...more
LIBOR, the world’s most popular floating-rate index number, has undoubtedly lost reliability in the wake of the 2008 financial crisis. In 2008, news sources began to cast doubt on “the world’s most reliable number,” and...more
On July 9, it was announced that NYSE Euronext Rate Administration Ltd, a new subsidiary of NYSE Euronext, will take over the administration of LIBOR from BBA LIBOR Ltd, a subsidiary of the British Bankers’ Association (BBA),...more
On January 15, the British Bankers’ Association (BBA) published a submission made to the Chairman of the Parliamentary Commission on Banking Standards....more