On October 17, 2012, the British Financial Secretary to the
Treasury, Greg Clark, delivered a written statement to Parliament
regarding the Wheatley Review of LIBOR. The government fully
endorsed all recommendations in the report. This means that the big
changes for LIBOR described in our October 5, 2012 Blakes
Bulletin will move ahead.
The government announced it will amend the Financial Services
Bill being considered by the British Parliament to regulate LIBOR,
to create a new criminal offence for misleading statements in
relation to benchmarks such as LIBOR, and to provide the Financial
Conduct Authority with the power to compel and regulate submissions
In addition, the government appointed Baroness Sarah Hogg,
former Chief Secretary to the Treasury, to oversee a panel to
select the new administrator of LIBOR. The government also called
on the British Bankers Association to move ahead with the other
recommendations in the Wheatley Review. The British Bankers
Association has previously indicated that it is prepared to do
For the written statement of the Financial Secretary to the
Treasury, click here, and for our October 5, 2012 bulletin
explaining the impact of the recommendations on LIBOR, click
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Please join members of the Blakes Commercial Real Estate group as they discuss five key provisions of a commercial real estate purchase agreement that are often the subject of much negotiation but are sometimes misunderstood.
Emotional culture is influenced in great part by the mindset and actions of leadership, although employees also play more of a role than they may realize in creating the culture that exists in the group.
The session will be led by Dr. Robert Brooks, an award-winning author and psychologist. In his presentation, Dr. Brooks will describe the mindset and realistic practices of leaders and staff that help to nurture and sustain a culture characterized by positive emotions, satisfying, respectful relationships, a sense of meaning and ownership for one’s work, and enhanced job performance. Examples will be offered to illustrate strategies for developing a positive emotional culture in an organization.
Join leading lawyers from the Blakes Pensions, Benefits & Executive Compensation group as they discuss recent updates and legal developments in pension and employee benefits law as well as strategies to identify and minimize common risks.
The British Columbia Court of Appeal has recently considered whether the doctrine of unconscionability can be invoked to set aside a contractual clause providing for the payment by one party to the other...
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).