UK Financial Services Bill Includes New Powers for FCA to Manage LIBOR Transition
By EsqSocial Corporation 03/11/20
The proposed powers for the Financial Conduct Authority ("FCA") to manage the London Interbank Offered Rate ("LIBOR") transition should address so-called "tough legacy" contracts involving UK participants but could also have broader consequences for other agreements. On 21 October 2020, the UK Government introduced its proposed Financial Services Bill to Parliament, which includes significant new powers for the FCA to manage an orderly transition away from the LIBOR benchmark. The Bill is part...
By: Jones Day