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AZB & Partners | India | 24 Aug 2021

Preparing India for cessation of Libor

Several market participants in India are dragging their feet during the transition process away from the London Interbank Offered Rate (Libor). In a recently published circular, the Reserve Bank of India issued much needed directions to banks and financial institutions. The circular could be the driving force that is needed to ensure that at least regulated entitles take the necessary actions......
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Shearman & Sterling LLP | USA | 30 Mar 2021

OCC releases self-assessment tool to help institutions prepare for LIBOR cessation

The London Interbank Offered Rate (LIBOR) is being phased out and replaced by risk-free rates globally. The Office of the Comptroller of the Currency recently issued a self-assessment tool to help national banks, federal savings associations and federal branches and agencies of foreign banking organisations evaluate their preparedness for LIBOR's expected cessation.
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MLL Meyerlustenberger Lachenal Froriep Ltd | Switzerland | 16 Mar 2021

LIBOR transition challenges

The UK Financial Conduct Authority will stop supporting the London Interbank Offered Rate at the end of 2021. According to the National Working Group on Swiss Franc Reference Rates, the Swiss Average Rate Overnight is the proposed replacement standard. This article explores the challenges that the transition period poses for national and global market participants.
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Shearman & Sterling LLP | USA | 2 Mar 2021

SEC adopts payment disclosure rules for resource extraction companies

The Securities and Exchange Commission (SEC) has adopted a final rule which requires US and foreign resource extraction issuers to disclose any payments made to the US federal government or foreign governments for the commercial development of oil, natural gas or minerals. The new rule follows the SEC's effort in 2018 to modernise its disclosure requirements for mining company issuers.
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Shearman & Sterling LLP | USA | 6 Oct 2020

CFTC approves final rule on post-trade name give-up on swap execution

The Commodity Futures Trading Commission (CFTC) has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a swap execution facility and are intended to be cleared. Although the CFTC rejected requests for various exceptions to the prohibition, it did include an exception for package transactions which include a......
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RPC | United Kingdom | 22 Sep 2020

What does 'market practice' entail? Court of Appeal rules on use of term in ISDA master agreement

The Court of Appeal recently held that 'market practice' is too wide a term to be implied into an International Swaps and Derivatives Association (ISDA) master agreement covering currency trading transactions by dismissing a claim arising from the 'de-pegging' of the Swiss franc from the euro. The desire to maintain the certainty and stability of the relationship between those contracting......
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Shearman & Sterling LLP | USA | 25 Aug 2020

SEC identifies LIBOR preparedness as an examination priority

The Securities Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) recently announced the details of an examination initiative specifically focused on London Interbank Offered Rate (LIBOR) preparedness. The OCIE has previously identified LIBOR preparedness of registrants as a key examination priority for 2020, but the latest announcement offers specific insights......
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MLL Meyerlustenberger Lachenal Froriep Ltd | Switzerland | 15 May 2020

FINMA: temporary exemptions for banks due to COVID-19 crisis

The Swiss Financial Markets Supervisory Authority (FINMA) recently provided banks with clarifications on dealing with COVID-19 credits with federal guarantees within the framework of the capital and liquidity requirements and temporary exemptions relating to the leverage ratio. FINMA will likely further specify these guidelines or issue additional rules depending on the development of the......
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Shearman & Sterling LLP | USA | 13 May 2020

ARRC announces 2020 objectives for facilitating USD LIBOR transition

The Alternative Reference Rates Committee (ARRC) recently unveiled its 2020 objectives for facilitating the industry's transition away from the US dollar London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate. These goals and projected timelines build on the ARRC's previous transitioning work and aim to account for both the impact of COVID-19 on financial markets and......
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Shearman & Sterling LLP | Global | 25 Mar 2020

COVID-19: derivatives implications

The outbreak of the novel coronavirus (COVID-19) has implications for derivatives contracts. For example, some companies are asserting that the reported disruptions in the global supply chain and travel restrictions constitute a force majeure, which is a legal basis for excusing non-performance and a right to terminate under contracts. This article examines certain issues that market......
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