LIBOR — a quick update
In May 2013, Gateley published a blog on some of the key issues around LIBOR. It touched on the Wheatley Review’s long-awaited recommendations and how the Financial Services Act 2012 (FSA) had been brought into force on 1 April 2013 to implement some of those recommendations. In particular, the FSA made it a criminal offence to manipulate LIBOR. Providing information and administering LIBOR became regulated activities, and the British Bankers Association (BBA) became regulated by the Financial Conduct Authority. One year on from the FSA, what’s changed?
On 9 July 2013, it was announced that NYSE Euronext Rate Administration would take over the administration of LIBOR from BBA LIBOR. Shortly after this announcement, it was confirmed that Intercontinental Exchange Group had acquired NYSE Euronext and that NYSE Euronext Rate Administration would be renamed ICE Benchmark Administration (IBA).
On the back of this acquisition, Andre Villeneuve was appointed as chairman of the IBA, tasked with implementing a robust governance framework to restore the integrity of LIBOR. The IBA officially took over from BBA LIBOR on 1 February 2014…
Click on the link below to read the rest of the Gateley briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Briefings from Gateley Plc
In a decision that will have Lassie, Petra and Shep barking from their graves, the High Court has ruled that a dog is not a person.
When a company is granting a guarantee (or, indeed, any third party security), the guarantee must serve the guarantor company’s own commercial interests.
Analysis from The Lawyer
Gateley bigshots see personal wealth soar on flotation, but face penalties for early exit .
Gateley is to float on the London Stock Exchange, becoming the first UK firm to list itself as a public limited company. But why would a firm would look to float, and what it could mean for the industry?