ASIC issues information sheet on managing conduct risk during LIBOR transition

    ASIC has published INFO 252, a long-awaited information sheet which addresses conduct risk issues for both sell-side and buy-side firms arising out of the discontinuation of LIBOR. As the transition from LIBOR rates to alternative reference rates (ARRs) enters its final stage (with the end of 2021 assumed to be the deadline by which transition … Read more

    Remediation Round-Up: Superannuation

    This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Key points ASIC is expected to obtain a joint mandate with APRA to regulate the operation of superannuation funds. Once this mandate is introduced, we … Read more

    Remediation Round-Up: Financial advice

    This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Introduction Financial advice has been a very significant area for financial services remediation in Australia in recent years. ‘Financial advice remediation’ is a broad term … Read more

    FINTECH 2021: FROM CRISIS TO CONSOLIDATION

    For most people, life and work have changed fundamentally since the Covid-19 crisis began – and there are concerns that the crisis could still worsen again. Most areas of the world’s economy have been profoundly affected too, and the Fintech sector is no exception. Fintech has been both an epicentre of the crisis – and … Read more

    Remediation Round-Up: Dealing with regulators

    This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider When considering breach reporting to regulators, what are your potential obligations to remediate affected clients and how will you involve the regulators … Read more

    LIBOR transition measures in the new Financial Services Bill: the legal framework, market impact and risks

    This article was originally posted on Banking Litigation Notes. On 21 October 2020, the UK government introduced the Financial Services Bill (FS Bill) to Parliament, which has been described by HM Treasury (HMT) as a new Bill “designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage”. … Read more

    Leaving LIBOR – the ISDA Protocol and Supplement

    This article was originally posted on Banking Litigation Notes. With LIBOR due to disappear by end-2021, work has been underway to facilitate the transition from LIBOR and other IBORs to alternative risk free rates (RFRs). The derivatives market has been at the forefront of the transition and is some distance further ahead than other financial … Read more

    2020 Global Bank Review #disruption

    We are excited to launch the 2020 edition of our Global Bank Review, #disruption. While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support … Read more

    Remediation Round-Up: The role of independent experts

    This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider Does the remediation team have immediate access to advisors who can provide input on each stage of the remediation process, if an … Read more