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Financial Institutions › United Kingdom › Transitional Arrangements

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - April 2024 #5

Cadwalader, Wickersham & Taft LLP on

In this edition we discuss several updates aimed at the financial sector, including transition planning reports published by the Network for Greening the Financial System, prudential guidance from the Bank of England on how...more

ArentFox Schiff

LIBOR Transition Comparison: UK vs. US (Round II)

ArentFox Schiff on

This article summarizes the significant problems with the LIBOR transition in the US as compared to the UK (and the rest of the world). This summary is based upon the keynote speech at the United Kingdom Financial Conduct...more

Jones Day

Temporary Post-Brexit Regime Applies to UK Financial Institutions Operating in Italy

Jones Day on

In Short  The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ("Withdrawal Date"), UK banks, UK investment firms, and UK electronic money institutions ("UK Financial Institutions") can...more

McNees Wallace & Nurick LLC

Transition From LIBOR Appears to Remain on Track (At Least for Now)

McNees Wallace & Nurick LLC on

As both lenders and borrowers in the financial industry are well aware, the Financial Conduct Authority (FCA) of the United Kingdom publicly announced in 2017 that it would no longer compel financial institutions comprising...more

White & Case LLP

Regulators determined to keep SOFR transition on track

White & Case LLP on

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021. With the expected...more

Kramer Levin Naftalis & Frankel LLP

ARRC Releases Proposal for New York State Legislation for US Dollar LIBOR Contracts

Kramer Levin Naftalis & Frankel LLP on

On March 6, 2020, the Alternative Reference Rates Committee (ARRC) convened by the Federal Reserve Board and the Federal Reserve Bank of New York released a proposal for New York State legislation that is intended to reduce...more

BCLP

UK HR Two Minute Monthly: philosophical belief; equal pay; sexual harassment

BCLP on

Our February 2020 update outlines key UK employment law developments from January. It includes cases on ethical veganism as a philosophical belief, equal pay and the difficulties in defending such claims, the impact of the...more

White & Case LLP

NYDFS Requires LIBOR Transition Plans by Early February

White & Case LLP on

On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

White & Case LLP

LIBOR and the transition to SOFR: the multiple options to transition

White & Case LLP on

LIBOR, the reference rate for more than US$300 trillion of contracts globally and nearly US$200 trillion of US dollar contracts, is expected to cease after the end of 2021. In highlighting the limitations of the LIBOR reforms...more

Orrick, Herrington & Sutcliffe LLP

Brexit: al via il decreto legge recante misure urgenti per garantire la stabilit finanziaria e l'integrit dei mercati

Orrick, Herrington & Sutcliffe LLP on

In data 20 marzo 2019, il Consiglio dei Ministri ha approvato un decreto legge che introduce misure urgenti per garantire la stabilità finanziaria e l'integrità dei mercati in caso di recesso del Regno Unito di Gran Bretagna...more

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