Contract Terms, UK, Banking Sector

Where there's no waiver, there's no way

A&O Shearman on 2/17/2025

The English High Court has provided further guidance on the interpretation of “no waiver” clauses in a recent decision. The backdrop to this decision was a sanctions related dispute about the termination of a currency swap...more

Libera nos a LIBOR - Standard Chartered Plc v Guaranty Nominees Limited and Others [2024] EWHC 2605

Goodwin on 11/26/2024

In a decision with general importance to financial markets, Standard Chartered Plc v Guaranty Nominees Limited and others [2024] EWHC 2605 represents the first time that the English court has ruled on the issue of which...more

LIBOR To Be Discontinued! What Will Your Bank Do?

Steptoe & Johnson PLLC on 2/15/2019

In case you haven’t heard, the London Interbank Offered Rate (“LIBOR”) may be phased out by the end of 2021. Why? Because the Financial Conduct Authority (“FCA”) in the U.K. announced in July 2017 that it will stop requiring...more

The UK Financial Conduct Authority Bans Use of Certain Restrictive Contractual Clauses

Latham & Watkins LLP on 7/12/2017

The ban extends to foreign branches of UK firms; also where services are provided from a firm’s UK establishment. Key Points: ..Effective 3 January 2018 firms subject to the ban cannot enter into agreements that contain...more

Global Transportation Finance Newsletter - June 2017

Vedder Price on 6/19/2017

So, what is LIBOR? LIBOR—the London Interbank Offered Rate—is one of the most ubiquitous benchmarks for determining short-term interest rates in bank (and other) lending. LIBOR rates are short-term fixed rates quoted for...more

Substantive inconsistency between express and implied terms

A&O Shearman on 3/10/2017

The Court of Appeal has considered the question of when a proposed implied term should be considered “inconsistent” with an express term of a contract, contrasting direct linguistic inconsistency and substantive...more