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“The End is Nigh”: UK FCA Issues Consultations Regarding Expected New Benchmark Powers in Response to ICE Benchmark Announcement; ISDA Issues Related Statement

United Kingdom - November 18 2020 On November 18, 2020, ICE Benchmark Administration (“IBA”), the authorized administrator of LIBOR regulated by the UK Financial Conduct Authority...

Mary Jo N. Miller, Aaron Gavant.

Pulling “Shadow Banking” Out of the Shadows: FSB Report on March 2020 Turmoil Signals Increased Regulatory Scrutiny of Non-Bank Financial Intermediation

USA - November 18 2020 In its recent report “Holistic Review of the March Market Turmoil” (Report), the Financial Stability Board (FSB) notes that “the March 2020...

REVERSEinquiries, Volume 3, Issue 9

USA - November 9 2020 Besides the obvious ("what were they thinking?"), one has to wonder why retail investors are purchasing products, many of which plainly state in their...

Anna T. Pinedo, Bradley Berman, Zhaochen Dai, Matthew Bisanz.

“To SOFR or Not to SOFR?”: Prudential Banking Regulators Encourage Fallback Provisions to an “Appropriate” LIBOR Replacement Rate

United Kingdom - November 6 2020 The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance...

Mary Jo N. Miller, Matthew Bisanz.

Sound Practices for Operational Resilience Released by US Banking Regulators

USA - November 5 2020 On October 30, 2020, the US federal banking regulators issued guidance on sound practices for the largest US banking organizations to strengthen...

Thomas J. Delaney, Jeffrey P. Taft, Rajesh De, David A. Simon, Megan S. Webster, Matthew Bisanz.