Results 1-10 of 32
22 July 2019
On 21 July 2019, the EU Prospectus Regulation (Regulation (EU) 2017/1129, commonly known as "PD3") began to apply in full, replacing the previous regime under the EU Prospectus Directive (Directive 2003/71/EC, known in its most recent version as "PD2")....
The Prospectus Regulation and Debt Prospectuses: A PD3 Primer - Levels 1, 2 and 3 (and other measures)
26 June 2019
This briefing on PD3 measures highlights the key features of Levels 1, 2 and 3, particularly in relation to debt.
IBOR fallbacks for derivatives – ISDA's supplemental consultation on term and spread adjustments for floating rates and its consultation on pre-cessation issues
13 June 2019
ISDA has released two further consultations on benchmark fallbacks. One consultation covers spread and term adjustments for US dollar LIBOR, Canada's CDOR and Hong Kong's HIBOR. The second consultation seeks input on how derivatives contracts should address...
16 January 2019
29 March 2019 (the proposed "Brexit date") is looming, yet there is still no decision on whether the UK will enter into a transitional arrangement with the EU or leave with no deal. This briefing highlights some key questions to consider should the UK...
26 October 2018
The development of term benchmarks based on risk-free rates (RFRs) is an important aspect of the work to facilitate a successful transition from LIBOR, particularly for corporate lending and other cash products. This briefing considers how conventions used in Overnight...
19 October 2018
In July 2017, the Chief Executive of the Financial Conduct Authority (FCA), Andrew Bailey, signalled the beginning of the end for LIBOR as an interest rate benchmark. He said that, in spite of the various reforms introduced from 2012, the underlying market for...
17 October 2018
Before financial markets can be encouraged to move from using LIBOR (the London Interbank Offered Rate) or other interbank offered rates (IBORs) as reference rates in new financial contracts, there must be suitable alternatives in place. This briefing provides...
10 October 2018
Following an announcement by Andrew Bailey, Chief Executive of the UK’s Financial Conduct Authority (FCA) on 27 July 2017, it became evident that market participants would need to prepare for the very real possibility that LIBOR would cease to exist –...
6 July 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...
22 December 2017
The PRIIPS Regulation comes into effect on 1 January 2018. This short Q&A summary addresses some of the key questions in the debt capital markets arising from the Regulation, including: · What is a PRIIP? · ...