Monthly Highlights: March 2016

Monthly Highlights: March 2016

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from March 2016.


Roadmap published for ICE LIBOR

International Exchange (ICE) has announced that ICE Benchmark Administration (IBA) has published its roadmap for the evolution of ICE LIBOR. The LIBOR roadmap will be implemented later this year. The publication follows an extensive consultation with market participants, key stakeholders, central banks and regulators globally and sets out the regulatory reforms required to reduce the risk profile of LIBOR and create conditions that will allow more banks to participate in the process. In particular, these steps include:

  1. incorporating transaction data into the LIBOR methodology to the greatest extent possible
  2. publishing a single, clear and comprehensive LIBOR definition
  3. implementing a construct for ensuring that the rate can adapt to changing market conditions giving appropriate consideration to the interests of all stakeholders, and
  4. conducting a feasibility study on transitioning the calculation of LIBOR to IBA, using transaction data to deliver a more robust and sustainable rate for the long term

In addition, the IBA is conducting a feasibility study on the design and implementation of an appropriate algorithm to calculate LIBOR. The aim of this study is to reduce the risk profile of LIBOR and lead to increased market participation, as well as raising the number of transactions on which LIBOR is based.

For further information, see the ICE Press Release.


Companies House issues guidance on rectification of the charges register

Companies House has issued an overview of the procedure for the rectification of the charges register. The guidance document is split into two parts, considering separately charges created before and after 6 April 2013, being the date on which the Companies Act 2006 (Amendment of Part 25) Regulations 2013, SI 2013/600 entered into force. These Regulations amended the CA 2006 to set out a single scheme for registration of charges that

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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.