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Transitional Arrangements Financial Conduct Authority (FCA)

BCLP

UK Corporate Briefing - May 2024

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about....more

Cadwalader, Wickersham & Taft LLP

Transition Plan Taskforce Publishes the Final Disclosure Framework

On October 9, 2023, the Transition Plan Taskforce (TPT) published the Disclosure Framework providing good practice recommendations for companies to enable them to make “high quality, consistent and comparable transition plan...more

Cadwalader, Wickersham & Taft LLP

The End of the Temporary Transitional Power: Securitisation Reporting

Brexit and the Temporary Transitional Power - On 31 January 2020, the UK ceased to be a member of the EU. Following a transition period, EU law ceased to be applicable in the UK with effect from 11 p.m. on 31 December...more

ArentFox Schiff

LIBOR Transition Comparison: UK vs. US (Round II)

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This article summarizes the significant problems with the LIBOR transition in the US as compared to the UK (and the rest of the world). This summary is based upon the keynote speech at the United Kingdom Financial Conduct...more

King & Spalding

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

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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

ArentFox Schiff

The End of LIBOR: The Twilight Zone™ Edition

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The United Kingdom’s Financial Conduct Authority announced the future cessation and loss of representativeness of worldwide LIBOR rates. Potential Detrimental Developments - Recent Events - On Friday, March 5,...more

Proskauer Rose LLP

LIBOR Update: IBA Announcement Expected

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This bulletin provides a timely update on two emerging issues related to LIBOR transition – namely, requirements that administrative agents (including private credit lenders acting in that role on their facilities) may be...more

A&O Shearman

Preparing for the end of the Brexit transition period – ten points relevant to mainstream debt capital market issuance

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Whilst Brexit formally happened when the UK left the European Union (EU) on 31 January 2020 (exit day), it has been treated as a Member State under Union law during the transition period established by the EU-UK Withdrawal...more

Latham & Watkins LLP

UK Firms Granted Extra 15 Months for Brexit Onshoring Preparations

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The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes. Key Points: ..The FCA has published an updated version of the FCA Handbook,...more

Hogan Lovells

Financial institutions general regulatory news, October 2020

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Brexit: FCA reopens temporary permissions regime notification window - The UK Financial Conduct Authority (FCA) has updated its webpage on the temporary permissions regime (TPR) explaining that EEA firms and fund managers...more

McNees Wallace & Nurick LLC

Transition From LIBOR Appears to Remain on Track (At Least for Now)

As both lenders and borrowers in the financial industry are well aware, the Financial Conduct Authority (FCA) of the United Kingdom publicly announced in 2017 that it would no longer compel financial institutions comprising...more

Proskauer Rose LLP

LIBOR Transition: Preparing for the End of LIBOR

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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

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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

Dechert LLP

LIBOR: Time to put your foot down

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Andrew Bailey’s most recent speech on LIBOR transition (now in his new capacity as Governor of the Bank of England) likened the transition away from LIBOR to the game of cricket...more

BCLP

UK HR Two Minute Monthly: philosophical belief; equal pay; sexual harassment

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Our February 2020 update outlines key UK employment law developments from January. It includes cases on ethical veganism as a philosophical belief, equal pay and the difficulties in defending such claims, the impact of the...more

A&O Shearman

UK Conduct Regulator Confirms EU Regulatory Reporting Regime Applies During Brexit Implementation Period

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The U.K. Financial Conduct Authority has announced that during the Brexit implementation period, all existing regulatory reporting will continue under the EU regime. The FCA's announcement follows the adoption by the Council...more

Dorsey & Whitney LLP

31 January 2020: Into the Unknown

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Parliament has now passed the European Union (Withdrawal Agreement) Act (“the Act”). The Queen gave her Royal Assent to the legislation last week and the Prime Minister immediately signed the Withdrawal Agreement. ...more

White & Case LLP

NYDFS Requires LIBOR Transition Plans by Early February

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On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

Latham & Watkins LLP

Brexit: 10 Commonly Asked Questions

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Q&As for UK Regulated Firms - Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more

Dechert LLP

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - October 2019

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This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more

A&O Shearman

UK Statutory Instrument Published to Onshore the EU Prospectus Regulation For No-Deal Brexit

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A U.K. statutory instrument has been published to onshore the EU Prospectus Regulation in the event of a no-deal Brexit. In preparing for an April Brexit, the U.K. had onshored the EU Prospectus Directive in the Official...more

Dechert LLP

SEC Staff Issues Statement on LIBOR Transition; Practical Considerations for Investment Companies, Investment Advisers and Other...

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The staffs of the Securities and Exchange Commission’s Division of Corporation Finance, Division of Investment Management (IM Division), Division of Trading and Markets, and Office of Chief Accountant (collectively, Staff) on...more

White & Case LLP

LIBOR and the transition to SOFR: the multiple options to transition

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LIBOR, the reference rate for more than US$300 trillion of contracts globally and nearly US$200 trillion of US dollar contracts, is expected to cease after the end of 2021. In highlighting the limitations of the LIBOR reforms...more

A&O Shearman

UK Regulator Publishes Findings from LIBOR Review

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The U.K. Financial Conduct Authority has published a report summarizing the preparations that firms are making for the market transition away from LIBOR to alternative risk-free rates by the end of 2021. The report is based...more

Skadden, Arps, Slate, Meagher & Flom LLP

'No-Deal' Brexit – EU Regulators Take Small Steps to Maintain Status Quo for UK Fund Managers

In the middle of February 2019, Brexit continues to be debated between Westminster and Brussels, despite the rapidly approaching deadline for the United Kingdom (U.K.) to leave the European Union (EU) on March 29, 2019. With...more

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