UK Government to enhance FCA powers to facilitate LIBOR transition

The UK Government announced on 23 June 2020 that it intends to introduce new legislation to give the UK Financial Conduct Authority (FCA) enhanced powers in circumstances where (i) LIBOR ceases to be representative of the market and (ii) its representativeness cannot and will not be restored. This is intended to solve the problem of “tough legacy” contracts by giving the FCA the power to protect consumers and market integrity in relation to those contracts (which the FCA envisage will be a “narrow band”).

Related briefings

Wirecard – has the German financial regulator lost its immunity?

The German regulator BaFin is being sued for abuse of authority following one of the biggest fraud scandals of the decade with German payment processor, Wirecard AG, filing for insolvency owing €3.5bn and its chief executive arrested on suspicion of accounting fraud and market manipulation. This article explores the situation and considers the need for change.

Making an impact – The value of a data protection impact assessment

COVID-19 has prompted many businesses to re-assess the way that they work. Working from home for an extended period, adjustments to office space to enable social distancing and the introduction of measures to minimise health risks to employees are challenges faced by the majority of businesses. One aspect of addressing these challenges which may be forgotten is the impact on data protection. Raj Shah looks at the value of a Data Protection Impact Assessment.

Latest Briefings

Permission in principle – growth, renewal, protect

The biggest shake up of the planning system since 1947 continues apace with the announcement, on 2 August, of government plans to create an automatic green light for development within specifically designated areas of the country.

Setting aside company transactions involving Jersey, Guernsey and BVI companies

Financial pressure can change perspectives on transactions – whether through the lens of an insolvent winding up, in the context of a counterparty or related interested party exploring ways in which they might unravel a transaction, or a new board considering whether a company can extricate itself from contractual arrangements that appear to have been subject to a conflict of interest or which were for an improper purpose.

Recommended

Stephenson Harwood CEO takes aim at partner performance in new plan

Stephenson Harwood’s new CEO Eifion Morris is to undertake a full strategic review of the firm, addressing partner performance and increased ambition. Morris, who took over from Sharon White in October, has informed partners of his seven-point plan to transform the firm. Target-setting and specialisation are key points upon which Morris seeks to improve, while […]

Recruit legal talent

Get your role in front of over 300,000 legal professionals when you advertise with The Lawyer. Our team of experts provide bespoke solutions to help solve all your recruitment challenges.

Find out more