News & Analysis as of

Libor

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Generic drugmaking giant Teva Pharmaceuticals will cut 25% of its workforce (around 14,000 jobs) and shutter manufacturing and R&D facilities in an effort to “simplify its structure and reduce its debt”....more

Financial Services Weekly News - December 2017 #2

by Goodwin on

Editor's Note - Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more

Life After LIBOR

by Morrison & Foerster LLP on

After a long and at times scandalous life, LIBOR is retiring. Earlier this year, Andrew Bailey, chief executive officer of the United Kingdom’s Financial Conduct Authority (FCA), the regulator of the London Interbank Offered...more

What now for LIBOR in finance documents?

by Dentons on

Andrew Bailey, chief executive of the FCA, announced on 27 July 2017 that the FCA would no longer use its influence or legal powers to persuade or compel LIBOR panel banks to continue making LIBOR submissions after 2021. This...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Bitcoin futures started trading yesterday for the first time prompting concerns about the volatility of the cryptocurrency that prompted several exchange outages due to 10%+ swings in its price as well as heavy website...more

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

LIBOR Benchmark Confirmed until 2021

by Shearman & Sterling LLP on

The Financial Conduct Authority has confirmed that the 20 panel banks for the LIBOR benchmark have agreed to support LIBOR until at least 2021. The announcement follows the statement by the FCA's Chief Executive, Andrew...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

The Delta Report: On the end of LIBOR: preliminary reflections on its implications for derivatives

by White & Case LLP on

Background and how the London Interbank Offered Rate ("LIBOR") works - The financial crisis brought considerable changes to the entire financial regulatory environment and the way many financial instruments, especially...more

CrunchedCredit.com’s 8th Annual Golden Turkey Awards

by Dechert LLP on

As we look back each November to bestow the year’s crop of Golden Turkeys to the silliest and most annoying instances of regulatory overreach, legislative inanity, governmental misfeasance or the mere idiotic behavior of...more

The End of LIBOR

by Miller & Martin PLLC on

Being a constant follower of overnight bank rates, I am fascinated with commentary regarding the end of LIBOR. LIBOR has not been around since the beginning of time, but only since January 1, 1986. So, being technically...more

UK Financial Conduct Authority Decision to Ban Ex-Libor Trader Hayes Delayed Pending Criminal Review

by Shearman & Sterling LLP on

The Financial Conduct Authority has announced that it has decided to prohibit former trader Tom Hayes from performing any function relating to any regulated activity in the financial services industry. The FCA stated that Mr....more

Court Declines to Revisit Reversal of LIBOR Convictions

The Second Circuit has denied the government’s request for rehearing en banc in United States v. Allen, et al. (16-cr-98). In July, a panel of the Court (Cabranes, Pooler, Lynch) vacated the convictions of Anthony Allen and...more

Specific Issues for Consideration by Banks, Financial Advisors and 501(c)(3) Organizations arising from the Proposed Tax Cuts and...

by Miles & Stockbridge P.C. on

Some of the potential impacts of the proposed Tax Cuts and Jobs Act (the “Act”), as currently drafted and described in our prior alert are summarized below for consideration. Draw-down bonds with an outstanding amount to...more

Business Litigation Report - October 2017

October 2017: Second Circuit Immunity Decision Upends Cross-Border Criminal Investigations - The Second Circuit Court of Appeals’ recent decision in United States v. Allen, --- F.3d ----, 2017 WL 3040201 (2d Cir. July 19,...more

October 2017: Second Circuit Immunity Decision Upends Cross-Border Criminal Investigations

The Second Circuit Court of Appeals’ recent decision in United States v. Allen, --- F.3d ----, 2017 WL 3040201 (2d Cir. July 19, 2017) (slip opinion available at https://goo.gl/FkfwNN), which holds that U.S. courts must give...more

The Phasing Out of LIBOR: Initial Reaction and Preparation

by Foley & Lardner LLP on

1. Background: Elimination of LIBOR by 2021 - As has been widely publicized, on July 27, 2017, the U.K. Financial Conduct Authority announced that LIBOR (London Interbank Offered Rate) the longtime global interest rate...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Journal gives us a revealing long look at the true meaning behind a Morningstar investment star ranking and finds that the coveted 5-star overall rating translated into a 5-year performance worthy of that designation just...more

The Potential Demise of LIBOR

by Reed Smith on

The potential demise of LIBOR hit the headlines in July when the CEO of the UK’s Financial Conduct Authority (FCA) announced that the rate is no longer tenable (based on a lack of transaction based data) and that the FCA will...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

HSBC’s making good on its plans to shift to a focus on Asia by naming John Flint—who spent his first 14 years at the bank in Asia—as its new CEO. Flint will take over from Stuart Gulliver in February....more

The Practical Effects of LIBOR’s Phase Out

Trillions of dollars’ worth of financial documents use the London Interbank Offered Rate, or LIBOR, to set the interest rate of a transaction. The ICE Benchmark Administration currently maintains a reference for LIBOR by...more

Planning For The End of LIBOR

by Holland & Knight LLP on

By 2021, it is likely that LIBOR will no longer exist, and even more likely that it will no longer be the leading global benchmark interest rate. This news comes from the U.K. Financial Conduct Authority’s (FCA) announcement...more

FCA Announces Discontinuation of LIBOR

by Hogan Lovells on

As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more

Corporate and Financial Weekly Digest - Volume XII, Issue 37

SEC/CORPORATE - SEC and Division of Corporation Finance Issue New Pay Ratio Disclosure Guidance - On September 21, the Securities and Exchange Commission (SEC) issued an interpretive release (available here) regarding...more

The Transition Away From USD LIBOR for Swaps - A Report for U.S. Market Participants

by Moore & Van Allen PLLC on

With the Financial Conduct Authority (the “FCA”) announcing in July 2017, essentially, its intent to no longer persuade or compel panel banks to make LIBOR submissions by the end of 2021, the future of LIBOR, and its role in...more

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