To print this article, all you need is to be registered or login on Mondaq.com.
Changes to the way LIBOR is determined in the UK are continuing.
The administration of LIBOR is now an activity regulated by the
Financial Conduct Authority (FCA). Knowingly or deliberately making
false or misleading statements in relation to its setting is a
criminal offence.
To make it more likely that the rates submitted are underpinned
by real trades, there has been a reduction in the currencies and
maturities for which LIBOR is quoted. Since 1 July 2013 each
individual submission of rates by a panel bank is embargoed for
three months to reduce the motivation to submit a false rate to
show creditworthiness. The Interim LIBOR Oversight Committee has
introduced a new Code of Conduct for Contributing Banks.
In early 2014 NYSE Euronext Rates Administration Limited, a
London based company regulated by the FCA, will take over the
administration of LIBOR from the British Bankers Association.
These changes, as well as other issues, such as the possibility
of LIBOR being a negative rate, are having an effect on the way in
which LIBOR is defined and dealt with in financing agreements.
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.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.