Cornerstone Research Experts in Focus: Andrea Eisfeldt
Videocast: Asset management regulation in 2020 videocast series – Regulators step up pressure to implement LIBOR transition plans
Podcast: CFTC Issues LIBOR Transition Relief for Swaps
Podcast: Credit Funds: Replacing LIBOR – Steps To Consider Taking Now
Wayward Financial Institutions Facing Increasingly Stricter Punishment
Weekly Brief: New DOJ Tact Pushes Bank Subsidiaries To Admit Guilt
Weekly Brief: Will RBS Plead Guilty In LIBOR Scandal?
Corporate Law Report: U.S. Manufacturing, Social Media, Online Endorsements, Hart Scott Rodino, More
Weekly Brief: Lawyers Advised To Accept New Reality
Jonathan Armstrong on Global Regulatory Cooperation
El Banco de México (Banxico), el 13 de abril de 2023, publicó en el Diario Oficial de la Federación la Circular 3/2023 dirigida a Instituciones de Crédito y Sociedades Financieras de Objeto Múltiple Reguladas relativa a las...more
With USD LIBOR expected to end on June 30, 2023, there are numerous legal and financial implications to consider, especially as the pace of remediation of leveraged loans (and other commercial loans) needs to progress further...more
Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following: - ‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives - 1-Month and...more
Changes are coming for the interest rate benchmark lenders use to finance long term care facilities. The long-standard benchmark, the London Interbank Offered Rate (LIBOR), is being replaced by the Secured Overnight Financing...more
On July 26, 2021, Neal R. Pandozzi participated as a presenter in the Strafford CLE webinar "The Phase-out of LIBOR: Navigating the Final Stages, Implementing Alternative Reference Rates and Fallback Language." The webinar...more
Future framework for regulation of UK financial services: Treasury Committee report - The House of Commons Treasury Committee has published its Fifth Report of Session 2021-22 on the future framework for regulating financial...more
In a recent speech, the new SEC Chairman, Gary Gensler, came out questioning the use of BSBY as a replacement to LIBOR, by highlighting a number of “concerns” he has with BSBY and why SOFR is preferable....more
On November 30, 2020, Intercontinental Exchange, Inc. (ICE) announced that the ICE Benchmark Administration Limited (IBA), a wholly-owned subsidiary of ICE and the administrator of LIBOR, will consult in early December 2020...more
Companies need to ensure that they are prepared for the end of LIBOR. Internal reviews must be carried out at the earliest possible opportunity and appropriate systems should be put in place. From the end of 2021,...more
Regulators and industry groups strongly encourage market participants to adopt ISDA’s much-anticipated IBOR Fallbacks Protocol and Definitions Supplement. The International Swaps and Derivatives Association (ISDA) has...more
The Financial Stability Board has published a statement on the impact of COVID-19 on global benchmark reforms. Although the FSB acknowledges some aspects of benchmark reform will be delayed due to the effects of COVID-19,...more
The Financial Stability Board has written to G20 Finance Ministers and Central Bank Governors outlining the key focus areas for the FSB’s work ahead of the next G20 summit in Saudi Arabia in November 2020. The communication...more
The U.K. Financial Conduct Authority has responded to a request from the International Swaps and Derivatives Association for clarification on the expected timeframes for publication of a non-representative LIBOR. The FCA (in...more
The Financial Stability Board has published its work program for 2020. The FSB confirms that it will continue to monitor developments to identify and manage new and emerging risks, work to finalize the outstanding components...more
The Financial Stability Board has published a progress report on reforms to major interest rate benchmarks. The report provides the FSB's annual update on progress taken by the official sector and market participants to move...more
The co-Chairs of the Financial Stability Board’s Official Sector Steering Group, whose work focuses on interest rate benchmarks that are deemed to play a critical role in the global financial system, have written to the...more
For a variety of reasons, as has been widely reported, LIBOR is to cease to be published by the end of 2021 and this expected elimination of the index upon which financing transactions are based raises serious tax and non-tax...more
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly issued proposed regulations (Proposed Regulations) to address concerns and reduce uncertainty regarding the tax impact of the anticipated...more
PUBLICATIONS - Up to Speed: No variation clauses now worth the paper they're written on A&O’s new “Up to Speed” article focuses on variation clauses. Variation clauses are often referred to as no oral modification or NOM...more
The Financial Stability Board has published a progress report on ongoing reforms to major interest rate benchmarks. The FSB has been co-ordinating international reform work, through its Official Sector Steering Group, since...more
The International Swaps and Derivatives Association has launched a consultation in which it proposes to amend its standard documentation to implement fall-backs based on alternative risk-free rates for certain key Interbank...more
The Financial Stability Board has published a statement welcoming the consultation by the International Swaps and Derivatives Association on fall backs based on overnight risk-free rates for certain derivative contracts. The...more
Geeking out, I just finished reading the second report from the Alternate Reference Rates Committee that was just published jointly by the Financial Stability Board (FSB) and the Financial Stability Oversight Council (FSOC)...more