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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
We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Harriet Tolkien. You can also listen … Read more
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
In an article published on our global class actions hub, Jonathan Ripley-Evans and Fiorella Noriega del Valle of our Johannesburg office consider the process for certification of class actions in South Africa and the significant hurdles involved, as illustrated by the South African High Court’s refusal to certify a shareholder class action against a company’s directors in the case … Read more
The High Court has dismissed a claim brought by the liquidators of an investment company against a bank for knowing receipt, in circumstances where the investment company’s shares were transferred by a trustee (in breach of trust) to the bank, and used by the bank to discharge part of a debt owed by the trustee … Read more
As reported in our previous blog post, the Supreme Court has handed down judgment in a keenly anticipated case concerning the scope of extraterritorial application of the SFO’s document compulsion powers under section 2(3) of the Criminal Justice Act 1987 (CJA): R (on the application of KBR, Inc) v Director of the Serious Fraud Office [2021] … Read more
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
On 12 February, the Supreme Court handed down its judgment in a high profile jurisdictional challenge relating to group claims brought against Royal Dutch Shell plc and its Nigerian subsidiary in connection with alleged pollution in the Niger Delta: Okpabi and others v Royal Dutch Shell plc and Shell Petroleum Development Company of Nigeria Ltd [2021] … Read more
On 2 February 2021, the European Council paved the way for the EU’s legislative solution for the transition of legacy LIBOR contracts to become law, by adopting amendments to the Benchmark Regulation (EU) 2016/1011 (BMR), which will now enter into force and apply from 13 February 2021. The final version of the EU’s legislative fix … Read more