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Clifford Chance

Financial regulation

In-depth analysis of financial reforms

The financial sector faces unprecedented challenges as the most far-reaching set of reforms in the history of the industry are implemented.

Our expertise in international financial regulation means that we are able to work with clients to help them adapt their businesses to the new demands they face.

Transition from LIBOR and IBORs

The transition from LIBOR and other IBORs to alternative risk free rates could be the most significant change to financial markets in recent years. Our series of briefings focus on various aspects of this transition. LIBOR – Cross Product Review reviews comparative product challenges for loan, bond (including securitisation) and derivatives markets. Transitioning from LIBORs and IBORs – An international overview provides a snapshot of "risk-free reference rates" (RFRs) selected by different markets to replace LIBORs and IBORs for different currencies. OIS and RFR Futures Conventions: Lessons for LIBOR replacement term rates considers how conventions used in Overnight Index Swaps (OIS) and RFR futures markets are relevant to the development of RFR-based term rates. Further resources and information are available on our topic guides on Regulation of benchmarks and IBOR transition and new risk-free rates.

Smart contracts: Legal framework and proposed guidelines for lawmakers (joint report with EBRD)

This report provides guidance to lawmakers on some of the key areas of law that should be considered in the context of smart contracts. Read more

Regulating investment- and lending-based crowdfunding: Best practices (joint report with EBRD)

This report contains an analysis of the current regulatory framework for lending-based and investment-based crowdfunding platforms in the following countries: Austria, Dubai, France, Germany, the UK and the U.S. and recommendations for best practices for the regulation of lending-based and investment-based crowdfunding platforms. Read more

Brexit: onshoring EU financial services legislation under the European Union (Withdrawal) Act 2018

The European Union (Withdrawal) Act 2018 provides for domestication of EU legislation and grants powers to the Government to correct deficiencies arising from Brexit. On 27 June 2018 HM Treasury and the UK financial services regulators announced how they intend to use these powers. The announcements also discuss the UK's approach to implementing a temporary permissions and recognition regime to cover the UK leaving the EU without a deal. Read more

Initial coin offerings - asking the right regulatory questions

This publication explores what are the risks of ICOs, how are they regulated and how might this change? Read more

EU financial services horizon scanner

This report provides a high level overview of ongoing and expected EU initiatives on financial services. Read more. The horizon scanner is also available as a Topic Guide on the Financial Markets Toolkit.

The New Spring for Securitisation

We have compiled a set of articles looking at regulatory and market topics. They highlight current issues in the securitisation and structured debt markets and where things might be going. Read more

U.S. market manipulation - implications of the CFTC's broad interpretation of its authority

The CFTC's ability to prosecute traders for commodities and derivatives market manipulation extends to those who 'recklessly' impact prices by bona fide open market trading. What does this mean for legitimate market participants and is this approach likely to be upheld in the courts? Read more

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