LIBOR reforms — an update
In the January 2013 Risk Note, we set out various proposals that had been published by the FSA in relation to the reform of the regulation and supervision of LIBOR. Since then, the majority of these proposals have been finalised.
On 1 April 2013, the administration of and provision of information to a specified benchmark became a regulated activity for the purposes of the new Regulated Activities Order (the RAO). At present, the RAO limits the definitions of “regulated benchmarks” to LIBOR. However, the new legislation has left it open for the Government to expand these definitions to include other benchmarks in the future.
Shortly before the RAO came into force, the FSA published a Policy Statement (PS13/6) which outlined the regulatory framework it (and now its successor, the Financial Conduct Authority (FCA)) has adopted in relation to the regulation and supervision of LIBOR (the Policy Statement). This new regulatory framework took effect on 2 April 2013…
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
In March 2013 the European Commission consulted on proposals to simplify procedures under the EU merger regulation.
Allen & Overy tax partner Lydia Challen has written an article for British Tax Review as part of its analysis of the Finance Act 2013 provisions.
Analysis from The Lawyer
Advisers get stuck into the disentangling task, to unhitch troubled bank from group
Shell legal director Peter Rees is switching litigation control away from external counsel to a unified global team of in-housers