News & Analysis as of

Loan Syndication and Trading Association (LSTA) Financial Conduct Authority (FCA)

Cadwalader, Wickersham & Taft LLP

UK Regulator Raises Concerns over the Sustainability-Linked Loans Market, Including Potential Greenwashing

On June 29, 2023, the Financial Conduct Authority, the UK’s financial markets regulator, released a summary of its concerns over the market for sustainability-linked loans (SLLs). Responding to concerns that banks overstate...more

Snell & Wilmer

LIBOR: The End is Nigh (Really!)

Snell & Wilmer on

LIBOR—the London Inter-bank Offered Rate—has been a key interest rate benchmark in commercial lending since the 1980s. LIBOR is derived from the interest rates at which major banks would lend to each other on a short-term...more

King & Spalding

And So it Begins: What Recent Announcements Mean for the Future of LIBOR

King & Spalding on

On March 5, 2021, the ICE Benchmark Administration (the “IBA”) issued feedback that it had completed the consultation with LIBOR panel banks that it began in December 2020, and stated that it will be unable to publish certain...more

Proskauer Rose LLP

LIBOR Transition: Preparing for the End of LIBOR

Proskauer Rose LLP on

For the past several years, loan market participants have been well aware of the anticipated phase-out of the London Interbank Offered Rate (“LIBOR”) as a benchmark for floating rate instruments. Based on current regulatory...more

White & Case LLP

Regulators determined to keep SOFR transition on track

White & Case LLP on

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021. With the expected...more

Proskauer Rose LLP

LIBOR Replacement Update

Proskauer Rose LLP on

As most market participants are aware, in 2017, the Financial Conduct Authority (FCA), a financial regulatory body in the UK, announced that LIBOR would be phased out. The announcement was made, in part, in recognition of the...more

Sullivan & Worcester

LIBOR Transition - Recent Developments Affecting English Law Term Loan Facility Documentation

Sullivan & Worcester on

This article seeks to provide a brief summary of recent developments relating to the replacement of LIBOR, with a particular focus on English law term loan documentation, including the drafting produced by the Loan Market...more

Foley & Lardner LLP

The Phasing Out of LIBOR: Initial Reaction and Preparation

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

Lowndes

The Phase-out of LIBOR and Implementation of Alternative Reference Rates

Lowndes on

We wanted to bring to your attention that Andrew Bailey of the U.K.'s Financial Conduct Authority (FCA) announced last Thursday that he wants LIBOR phased out by the end of 2021 (when the FCA will stop requiring LIBOR rate...more

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