Julia Machin

Synthetic LIBOR and UK contractual continuity: Critical Benchmarks (References and Administrators’ Liability) Bill

A UK Bill designed to ensure contractual continuity for legacy English law contracts and arrangements which adopt synthetic LIBOR has been introduced into Parliament. This In Practice article provides some context for the Bill and highlights some of the areas under the spotlight.

Contractual continuity for “tough legacy” contracts

With time ticking until the end of 2021 when at least certain settings of LIBOR will cease, the UK authorities are finalising their plans for “tough” legacy through the means of legislation and powers granted to the FCA. In this article, we examine such legislation and powers with a comparative eye to alternative solutions in the US and the EU.

The EU’s AML blacklist and SSPEs

Although still in the “scrutiny” period at the time of writing, EU legislation to add the Cayman Islands (and other jurisdictions) to its list of high risk third countries for anti-money laundering and counter terrorist financing is giving pause for thought and is likely to come into effect shortly after the time of publication. There are potential implications for financial transactions – especially securitisations using Cayman Island SPVs.

Practical implications of USD LIBOR panel cessation for “tough legacy” contracts: a brief refresher

LIBOR cessation and contract continuity may seem like “old news”. After all, most LIBOR rates ceased almost 18 months ago – and the last of the “synthetic” rates created for certain Sterling and Japanese Yen tenors will shortly expire. Nonetheless, the impending cessation of the final USD LIBOR panel rates on 30 June 2023 means that questions on legal implications are once again coming to the fore – especially given the FCA’s announced intention to create a time-limited synthetic USD LIBOR rate. This piece provides a brief Q&A refresher.

Implementing the UK Wholesale Markets Review

This snapshot indicates how reforms proposed under the UK Wholesale Markets Review (WMR) will be implemented and also compares proposals with EU measures.

The UK Financial Services and Markets Bill and UK Retained EU Law (Revocation and Reform) Bill: a comparison

Green expectations: ESMA’s Statement on sustainability prospectus disclosure

ESMA’s July 2023 public statement about sustainability disclosures in prospectuses attracted significant attention. Understandably so. The Statement is directed at National Competent Authorities and provides ESMA’s recommendations to follow when reviewing prospectuses, but issuers will also need to take note.

The new UK public offers and admission to trading regime: impact on debt capital markets

This article considers key concepts in the Public Offers and Admissions to Trading Regulations 2024 (UK SI) – notably, the new public offer prohibition and extension of scope to non-transferable securities. It also flags prospectus disclosure considerations, either in the UK SI itself or due to be covered in the forthcoming FCA consultation.