Firms regulated by the Financial Conduct Authority (FCA) are expected to take on a stewardship role in delivering sustainable economic growth, which will benefit UK consumers and businesses in all regions. Both the UK government’s Transition Plan Taskforce and the FCA have recently shared content on putting together a blueprint to ensure this
FCA announces the future loss of representativeness for LIBOR benchmarks
Read time: 2 minutes 40 seconds
The FCA announced on March 5, 2021 the future cessation and loss of representativeness of the LIBOR benchmarks. This news was expected, but its comprehensiveness is very welcome.
As a result, December 31, 2021 will be the last day on which all euro and Swiss franc LIBOR tenor settings
The British Government is giving the FCA new powers to deal with tough legacy – are they actually going to help?
Read time: 5 minutes 45 seconds
The Financial Conduct Authority (FCA) is to be given new powers to make changes to the methodology of LIBOR for certain “tough legacy” contracts.
The UK Government has announced that it intends to bring forward legislation amending the Benchmarks Regulation 2016/1011 as amended by the Benchmarks (Amendment) (EU Exit) Regulations 2018, which would provide the FCA greater powers in relation to benchmarks (such as LIBOR) recognised as “critical”, in situations where these benchmarks are no longer representative and will not be restored to representativeness.
Continue Reading The British Government is giving the FCA new powers to deal with tough legacy – are they actually going to help?