LIBOR Discontinuation: FCA non-representativeness announcement

The FCA today made its much anticipated announcement that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative: immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and immediately … Read more

Operational Resilience: respond, enhance, thrive

Operational resilience is the next phase in the evolution of financial services regulatory policy. Regulators’ expectations are increasing – but it’s an evolution rather than a revolution; firms – more specifically firms’ senior managers – must “join the dots” across a range of practical risk management and governance activities. Increased regulatory scrutiny can lead to … Read more

LIBOR transition: What is a “safe harbour” and why does the UK’s legislative toolkit need one?

In the context of the UK’s legislative solution for the transition of so-called “tough legacy” LIBOR contracts, contained within the Financial Services Bill (FS Bill), HM Treasury (HMT) has recently published a consultation paper: Supporting the wind-down of critical benchmarks. The consultation considers the case for incorporating a legal “safe harbour” in the legislation, to … Read more

Climate-related disclosures for issuers: FCA publishes final rules

The Financial Conduct Authority (FCA) has published a Policy Statement (PS20/17) and final rules and guidance in relation to climate-related financial disclosures for UK premium listed companies. Companies will be required to include a statement in their annual financial report which sets out whether their disclosures are consistent with the Task Force on Climate-related Financial Disclosures (TCFD) June … Read more

FSR Outlook 2021: Paving the Way Forward

Our Financial Services Regulatory team have announced the launch of FSR Outlook 2021: Paving the Way Forward. In this annual publication, the team survey the regulatory landscape in 2021 and identify some themes expected to be at the core of regulatory priorities globally in the next 12 months. 2020 has been dominated by Covid-19, political … Read more

Climate-related disclosures for issuers: next steps from UK financial regulators outlined

This month, there have been some significant regulatory announcements in relation to climate-related disclosures. These announcements are a result of the increasing focus on climate change and sustainability risks across governments, regulators and industry and a continued move towards corporate compliance with the Task Force on Climate-related Financial Disclosures’ (TCFD) recommendations. While not launching new … Read more

Climate-related disclosures: the new frontier?

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the Financial Conduct Authority (FCA)’s proposals for regulating climate-related disclosures and the litigation risks which may arise for issuers from such proposals. Climate change has been part of the political and regulatory discourse for years. However, it … Read more