Final part of UK LIBOR legislative solution receives Royal Assent

This week, the Critical Benchmarks (References and Administrators’ Liability) Act 2021 received Royal Assent and will now pass into UK law. The Critical Benchmarks Act represents the final part of the UK’s legislative framework to deal with LIBOR cessation and its passage is welcome news, particularly with the hard deadline for most currencies of LIBOR … Read more

Global Bank Review: Greenwashing Litigation Podcast

Join Mark Smyth, Jojo Fan, Benjamin Rubinstein and Sousan Gorji as they discuss global greenwashing issues in the banking sector. You can read more insights in our Global Bank Review. You can also listen on Apple, Spotify and SoundCloud. Please subscribe to our Financial Services Disputes & Regulation podcast channel here to listen to our … Read more

FCA consults on the new Consumer Duty

Our Financial Services Regulatory colleagues have published a blog post on the FCA’s Consultation Paper 21/36 (CP 21/36) which includes proposed new rules and guidance setting out a Consumer Duty which it considers will “fundamentally shift the mindset of firms” and establish an appropriate level of care to consumers. The consultation is open until 15 February … Read more

LIBOR transition risks – November 2021 update

With three months to go before the end of LIBOR as we know it (save for certain USD tenors), regulators around the globe continue to emphasise the importance of active transition away from the benchmark. In the UK, the FCA is simultaneously affirming this message while clarifying the scope of the UK legislative solution for … Read more

Amending legacy LIBOR contracts: how to cater for near risk-free rates

Herbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on amending legacy loan agreements to replace LIBOR with near risk-free rates. Following the Financial Conduct Authority’s announcement on 5 March 2021 that all LIBOR settings will either cease to be provided by an administrator or no longer be representative … Read more

SPACs in the City: the emerging litigation and regulatory risks in England & Wales

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the litigation and regulatory risks for special purpose acquisition companies (SPACs) in England & Wales. SPACs scorched the US stock markets last year, with the UK left out in the cold. While the recent crackdown by the Securities and … Read more

Article published on collective assurance activities and the risk management of outsourcing arrangements

Our Financial Services Regulatory team have published an article in the September 2021 edition of Butterworths Journal of International Banking and Financial Law, making the case for more guidance from sectoral regulators and competition authorities to allow banks and their service providers to get comfortable with the option to participate in collective assurance activities, as … Read more

The UK’s LIBOR safe harbour legislation: a missed opportunity?

The Critical Benchmarks (References and Administrators’ Liability) Bill (Bill) was today introduced to the UK Parliament and the first reading took place. The Bill introduces a legal “safe harbour” within the primary legislative framework for the UK’s LIBOR legislative solution, the Financial Services Act 2021 (FSA 2021). It follows a consultation paper published by HMT … Read more

HMT reform of prospectus regime: the potential impact on securities litigation

HM Treasury (HMT) has published an initial consultation on fundamental reforms promising the biggest shake up of the prospectus regime since 2005. The consultation follows the conclusions of the Hill Review of the UK listing regime published in March 2021. In this blog post, we consider HMT’s consultation paper through a securities litigation lens, highlighting the … Read more