Monthly Highlights: December 2017

Monthly Highlights: December 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from December 2017.

Brexit

Michel Barnier—no financial services passporting if UK leaves single market

It is unavoidable that British banks and financial firms will lose EU passporting rights as a result of any decision to quit the single market, the chief EU Brexit negotiator Michel Barnier has said. Speaking to the Guardian, Mr Barnier said there is not a single trade agreement with the EU that covers financial services.

BoE consults on its approach to the authorisation and supervision of international banks, insurers and central counterparties

As discussions on the UK's future relationship with the EU continue, the Bank of England (BoE) has published consultations on an updated approach to authorising and supervising international banks (CP29/17) and insurers (CP31/17), and it is issuing guidance on its approach to international central counterparties (CCPs). The BoE has also published letters to relevant firms which set out the BoE’s approach to the authorisation of those firms, so that this process can proceed in an orderly manner.

Lending

LMA updates secondary debt trading documents to take account of the discontinuance of LIBOR

The LMA has updated the following documents from its secondary debt trading suite: (i) Terms and Conditions, (ii) Trade Confirmations, and (iii) Users Guide.

The Terms and Conditions have been amended to include an additional fallback to the Relevant Benchmark Rate (RBR) in the event of its discontinuance. If a RBR for any currency is not available and it is not possible to calculate the interpolated rate, the RBR for that currency will be as specified in the Agreed Terms or if no rate is specified, the rate specified by the Seller (acting reasonably). The Trade Confirmations and Users Guide have been amended to reflect this change to the Terms and Conditions.

The documents went live on 22

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.