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
The government has published its response to the ‘Freedom and choice in pensions’ consultation. Individuals aged 55 or over will be able to access their entire DC pension flexibly.
Extension of the sanctions relief provided for in the Joint Plan of Action between the P5+1 and the Islamic Republic of Iran
On 18 July 2014, the P5+1 (the US, the UK, Germany, France, Russia and China) agreed with Iran to extend their commitments under the Joint Plan of Action.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.