Why all in-house counsel need to prepare for the end of Libor

Immediately after 31 December 2021, LIBOR, the benchmark rate used as a key component of interest, default interest and other calculations in a wide range of contracts, will cease to be published. To ensure that your agreements remain functional and robust, any references to LIBOR in contracts expiring after the end of this year will need to be sense checked and amended where necessary.

Related briefings

Protecting Canadian innovation in the Cleantech sector

Emerging technologies to mitigate environmental impact and even remediate harm that has already occurred, known colloquially as “cleantech”, represent a potentially explosive growth opportunity for Canadian innovation. Intellectual property rights, and in particular patent protection, can be an important asset for Canadian cleantech companies that can and should be leveraged as part of their business and growth strategy. Patent rights can be valuable not only in excluding competitors and soliciting investment, but even in terms of marketing. Patents can demonstrate that a company is on the cutting edge of sustainable technology.

Expedited trademark examination now available in Canada

On May 3, 2021, the Canadian Intellectual Property Office (CIPO) announced that it will begin accepting requests for expedited examination of trademark applications along with other new measures to reduce delays in examination.

Pensions schemes and climate change – member engagement

With guest speakers Rona Train and William Chan from Hymans Robertson this free-to-view webinar helps trustees understand their obligations under the PSA 2021 to assess and manage the risks and opportunities associated with climate change, and how ESG could be a real opportunity to increase member engagement.

Latest Briefings

AI – Commission publishes new legal framework

I wrote last autumn about the European Parliament’s approval of proposals for the regulation of artificial intelligence (AI), and the European Commission has now decisively picked up the legislative baton, publishing its comprehensive framework for an AI Regulation.

Replacing the vertical agreements block exemption: approaching a year to go

On 31 May 2021, the Vertical Agreements Block Exemption Regulation (VBER), which exempts certain agreements from the EU and UK prohibitions on anti-competitive agreements, enters its final year of service before its scheduled expiry at the end of May 2022. Both the UK’s Competition and Markets Authority (CMA) and the European Commission (EC) have begun consultations on whether to replace the current instrument and its accompanying guidelines and, if so, how the replacements can tackle some of their predecessors’ shortcomings.

Tech time out – health is wealth

Neil Lloyd, managing director at law firm FBC Manby Bowdler, set up Tech Time Out with Stephanie Henson last year after noticing that a lot of noise was being made about the amount of time people were spending on tech, and certainly, COVID just made it worse.

Austria: Supreme Court rules on long-term gas supply contracts

On 25 January 2021 the Supreme Court issued a decision on long-term contracts for the import of Russian natural gas into Austria (16 Ok 3/20g). The contracts had been concluded in 2006 for the supply of unstructured natural gas. All of the contracts expired on 31 December 2027. At the time of their conclusion, such long-term commitments were common for contracts between natural gas producers and importers or wholesalers throughout Europe. The contracts contained an obligation for customers to purchase 83% of the contract volume (at least in the medium term), even if this amount was not actually taken (take-or-pay clause). In 2011 one of the buyers was granted an early termination right.

Recommended

Dentons on call for M&S in Colin the Caterpillar wrangle

Dentons is representing Marks & Spencer (M&S) in a High Court dispute with Aldi over its Colin the Caterpillar cake. An Intellectual Property claim was issued in the High Court on Monday, landing in the “passing off and trade marks” category. Dentons’ partner Anna Copeman been instructed by M&S, who is head of the firm’s […]

Uber’s EMEA legal chief departs after six years

The general counsel in charge of Uber’s legal operations in the EMEA and APAC is taking on a new role at entertainment business Fremantle. Matthew Wilson will become general counsel of the entertainment giant, reporting into the company’s global chief executive officer Jennifer Mullin and gaining a seat both on the executive board and the […]

Mishcon de Reya

Mishcon set to list this year

Mishcon de Reya will list on the London Stock Exchange later this year, despite shelving plans for an IPO over 12 months ago. The firm said its partners had now voted ‘overwhelmingly’ in favour of exploring a premium listing. JP Morgan has been appointed by Mishcon as its financial advisor while the firm is exploring […]

counting money

Shearman partners face six-month delay in distributions amid structural changes

Shearman & Sterling has changed its fiscal year-end to June, The Lawyer can reveal, meaning partners will have to wait longer to receive their distributions as the firm transitions. The US firm had previously tallied up its financials, promoted partners and calculated compensation at the end of the calendar year. However, it has now shifted […]

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