News & Analysis as of

Libor European Union

Negative Interest Rates: Autorité des Marchés Financiers Takes Position on Information to be Included in Bond Prospectuses,...

by Jones Day on

During the last decade, negative interest rates have raised concerns in the European debt capital markets landscape. Prospectuses often allow the issuance of debt securities for which the interest rate is linked to indexes...more

Cross-Border Investigations Update - November 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 7

LIBOR: The End Game - Since the announcement on July 27, 2017 by the UK Financial Conduct Authority (the FCA) that the LIBOR rate would be phased out after 2021, much has been written about the complications of switching...more

Orrick's Financial Industry Week In Review

Agencies to Propose Amending CRA Regulations to Conform to HMDA Regulation Changes, and Remove References to the Neighborhood Stabilization Program - On September 13, 2017, the Board of Governors of the Federal Reserve...more

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With all of Europe closely eyeing the ECB for hints about its move away from aggressive bond buying, some cities that have benefited disproportionately from the QE are being forced to consider what life on the other side will...more

Benchmarks Update

by Latham & Watkins LLP on

FCA Consultation Paper sets out proposed approach to compelling LIBOR contributions. The FCA has published a Consultation Paper (CP17/5), setting out its proposed approach to the use of its compulsion powers under the EU...more

Judge rejects all claims in first LIBOR manipulation case to reach trial

by DLA Piper on

On 21 December 2016 Mrs Justice Asplin handed down a keenly awaited judgment in the case of Property Alliance Group Limited v The Royal Bank of Scotland PLC [2016] EWHC 3342 (Ch) dismissing all of the claimant’s claims. The...more

Your daily dose of financial news - The Brief – 7.26.16

by Robins Kaplan LLP on

Private equity bigwig Lynn Tilton has reportedly hired appellate superstar Paul Clement (after Gibson Dunn got the boot) to represent her in her “bid to revive her challenge to the [SEC’s] in-house court at the Second...more

Your daily dose of financial news - The Brief – 7.11.16

by Robins Kaplan LLP on

A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more

Your daily dose of financial news - The Brief – 7.5.16

by Robins Kaplan LLP on

Even with US markets shrugging off the Brexit [maybe?] by the end of last week, the effects of the split are FAR from over. One recent ripple: Standard Life Investments UK Real Estate mutual fund—which invests in high-end...more

Your daily dose of financial news - The Brief – 6.29.16

by Robins Kaplan LLP on

Big financial firm stress test results are out from the Fed later today, and though all banks proved up to the task of reserving enough capital (as reported last Friday), the economic downturn simulation that’s part of round...more

Setting the New Benchmark: EU Regulation on Financial Benchmarks

by Morrison & Foerster LLP on

Background - The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more

Your daily dose of financial news The Brief – 6.8.16

by Robins Kaplan LLP on

Despite Tribune Publishing’s (wait, wait, is that tronc now?) best efforts to play defense, Gannett is not backing down from its unsolicited offer to acquire the publisher...more

PF Newsletter: LMA Updates - Quarter One 2016

by Latham & Watkins LLP on

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

Serious Fraud Office Closes Forex Investigation

by K&L Gates LLP on

The Serious Fraud Office (SFO) recently announced that it had closed its criminal investigation into allegations of fraudulent conduct in the foreign exchange (FX) market. The SFO began its investigation in July 2014...more

UK Financial Regulatory Developments - April 2016 #3

by Dentons on

FCA considers competition powers - FCA Director of Competition, Deb Jones, spoke on FCA’s use of its competition powers. She looked at the problems faced when promoting competition without a “race to the bottom”...more

UK Financial Regulatory Developments - March 2016 #16

by Dentons on

Lloyd’s reports on complaints handling rules - Lloyd’s has published the March edition of its Conduct Standards Newsletter. It provides updates on recent changes to the complaints handling rules and requirements. It also...more

Financial Regulatory Developments Focus - March 2016 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Financial Regulatory Developments - March 2016 #2

by Dentons on

Regulators issue compliance statement for Sound Remuneration Policies PRA and FCA have issued a joint statement notifying EBA that the regulators will fully comply with EBA guidelines on Sound Remuneration Policies with...more

Your daily dose of financial news The Brief – 2.23.16

by Robins Kaplan LLP on

It’s a whole new ballgame for Wall Street traders—and one suspects it’s involving a lot fewer actual ballgames and a lot more algorithms, as the advanced-degree coders and their ETF firms take on the old guard – NYTimes...more

Top Finance Litigation And Regulatory Developments In 2015

by Allen & Overy LLP on

This is a summary of the most interesting banking litigation and regulatory developments in 2015. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to...more

Global Cartel Enforcement 2015 Year in Review

by Allen & Overy LLP on

Developing trends: Auto parts and financial services penalties dominated global enforcement fine totals in 2015. And while financial services will remain a focus for enforcers in 2016, several new antitrust...more

The New EU Benchmark Regulation

by DLA Piper on

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

The Defeat Device: Compliance and Ethics in the Auto Industry

by Thomas Fox on

Things are seriously bad when one of the world’s most respected business focused publications, the Financial Times (FT), asks if the auto “industry faces ‘Libor moment’”? Yet that was a headline yesterday in the lead article...more

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