Podcast: CFTC Issues LIBOR Transition Relief for Swaps
The Background: In 2021, the Financial Conduct Authority ("FCA") and HM Treasury began consulting on the Wholesale Markets Review (the "Review"), a broad review of the structure, functioning, and regulation of secondary...more
On June 4, 2021, the Loan Market Association (LMA) published a recommended form of its reference rate selection agreement (the Selection Agreement), which has been updated following market feedback. The Selection Agreement...more
PRA supervision of annuity providers: BoE speech - The Bank of England (BoE) has published a speech (and accompanying appendix), given by Charlotte Gerken, Prudential Regulation Authority (PRA) Executive Director, Insurance...more
LIBOR transition and fallbacks in uncleared derivatives: Sterling Working Group statement and paper - Recent UK and EU regulatory developments of interest to financial institutions and markets. Also check our Financial...more
Depositor protection identity verification: PRA PS4/21 - Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
LIBOR cessation: FCA speech - The FCA has published a speech given by Edwin Schooling Latter, FCA Director of Markets and Wholesale Policy, on being ready for life without LIBOR from the end of 2021. ...more
ISDA’s IBOR Fallbacks Supplement and Protocol came into effect today. These fallbacks, will be incorporated with immediate effect into all new derivatives contracts which incorporate the 2006 ISDA Definitions, and in all...more
On October 23, 2020, ISDA published its long-awaited IBOR Fallbacks Supplement to the 2006 ISDA Definitions (the Supplement) and Protocol. The publication is a result of years of consultations with regulators and market...more
ISDA 2020 IBOR Fallbacks Protocol - The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...more
The proposed powers for the Financial Conduct Authority ("FCA") to manage the London Interbank Offered Rate ("LIBOR") transition should address so-called "tough legacy" contracts involving UK participants but could also have...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
ISDA 2020 IBOR Fallbacks Protocol to be launched on 23 October 2020 - The International Swaps and Derivatives Association, Inc. (ISDA) has announced that the ISDA 2020 IBOR Fallbacks Protocol, which is designed to assist...more
The International Swaps and Derivatives Association, Inc. (ISDA) has just announced that the ISDA 2020 IBOR Fallbacks Protocol will be launched on 23 October 2020....more
Brexit: ESMA to recognise three UK CCPS from 1 January 2021 - The European Securities and Markets Authority (ESMA) has announced that three central counterparties (CCPs) established in the UK will be recognized as...more
Brexit: FCA opens registration applications for UK securitisation repositories - The UK Financial Conduct Authority (FCA) has published a new webpage for securitisation repositories under the Securitisation Regulation that...more
Recent regulatory developments of interest to financial institutions and markets. Includes the extension of the senior managers regime to benchmark administrators, updates relating to MiFID II, EMIR, ESMA's draft guidelines...more
Dormant assets scheme: HM Treasury and DCMS consult on expansion - HM Treasury and the Department for Digital, Culture, Media and Sport (DCMS) jointly published on 21 February 2020, a consultation paper on expanding the...more
Recent updates from the Bank of England, the New York Federal Reserve, and the International Swaps and Derivatives Association and Bloomberg in connection with publication of IBOR fallback rate adjustments should be welcomed...more
As is our tradition here at Crunched Credit, each year, about this time, we award our Golden Turkey Awards. Once again, I must say that we are utterly blessed with so many worthy candidates. The truly deserving have once...more
First published on January 1, 1986, the London Interbank Offering Rate (“LIBOR”), has been the dominant reference rate for most adjustable-rate financial products since nearly the same time. Due to interest rate manipulation...more
On May 16, the International Swaps and Derivatives Association, Inc. (“ISDA”) published two consultations in connection with the potential discontinuation of certain interbank offered rates (“IBORs”), seeking input on (i) the...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