Reform of the UK prospectus regime – update on securities litigation risk

HM Treasury (HMT) has published a response setting out its policy approach to reforming the UK’s prospectus regime, in the biggest shake up since 2005. The response follows the initial consultation published in July 2021. HMT’s intention is to proceed with the reforms broadly as proposed in its initial consultation. The next step is for HMT … Read more

Regulation in Focus Podcast – Operational Resilience

Our FSR colleagues’ latest Regulation in Focus podcast features two former regulators in conversation about operational resilience – Andrew Procter from Herbert Smith Freehills and Michael Sicsic from Sicsic Advisory. The discussion focuses on the implementation of operational resilience requirements for the upcoming UK regulatory deadline of 31 March 2022, including a discussion of the … Read more

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