Banking & Finance Update – H1 2021. Top 10 practical resources for in-house banking and finance lawyers

Banking & Finance Update – H1 2021. Top 10 practical resources for in-house banking and finance lawyers
We have collated a comprehensive range of practical resources across to support you manage risk effectively and work smarter. 

 

1. Brexit focus - commercial and practical help 

 

The Brexit transition period came to an end at 11pm on 31 December 2020, marking IP completion day in the UK. The immediate impact and ongoing complications bring up a significant number of issues, and so, we have a number of resources giving you the need-to-know information:

 

1.1. Brexit toolkit

 

Our Brexit toolkit draws together Brexit content for the practice areas that are relevant for you.

 

1.2 Brexit - Statutory Instruments (SI) tracker

 

This tracker lists all Brexit-related financial services statutory instruments (SIs), together with explanatory memoranda and other information for each SI, as well as links to primary sources.

 

1.3 The impact of IP completion day

 

The following Practice Notes consider the impact of IP completion day for those working in the Banking & Finance sector:

 

2) LIBOR focus – commercial and practical help

 

LIBOR obviously remains a key focus for many in-house Banking & Finance lawyers. Our Practice Notes and tracker will help you to keep up to date with the development of alternative RFRs and plan for a smooth transition away from LIBOR.

LIBOR transition - provides information on the transition away from LIBOR and other IBORs towards using risk-free rates, including a detailed discussion on the specific issues for the loan market, derivatives market, and debt capital markets of adoption of risk-free rates. It also provides a glossary of key terms such as IBOR, SONIA, fallbacks and conventions.

LIBOR transition—FAQs and glossary - aims to answer some of the most frequently asked questions on LIBOR transition, explain and put key terminology into context, and provide links to more detailed information.

LIBOR developments tracker - sets out developments relating to the transition away from LIBOR to risk-free rates. It covers developments relating to each of the LIBOR currencies: Sterling, US dollars, Swiss Francs, Japanese Yen and Euros, as well as developments relating to the transition from EONIA to €STR. It also contains sections on regulatory updates, cross-currency updates, future developments and next steps to look out for.

Running a LIBOR transition project - provides a starting point to assist firms with planning and implementing a LIBOR transition project. It discusses key issues raised by UK regulators and includes a checklist setting out a number of key LIBOR impact areas that firms will need to investigate and address as well as points to consider when doing so.

LIBOR transition quick guide—legislative proposals on tough legacy contracts – provides focused information on the legislative proposals for addressing the issue of tough legacy contracts in the context of LIBOR transition. It summarises the legislative proposals for the UK, US and EU and includes a key points comparison table. It also discusses to what extent the proposals may address the tough legacy issue and how they may interact with each other.

ISDA IBOR Fallbacks Supplement and Protocol – provides information on what the ISDA IBOR Fallbacks Supplement and Protocol are and the effects of adhering, or not, to the Protocol.

 


3) Covid-19 toolkit & blog

 

The coronavirus continues to pose significant issues for business of all kinds across the globe.

The Covid-19 toolkit has been created to provide in-house lawyers or legal advisers with easy access to news, practical guidance and Q&As from across a number of LexisPSL Practice Areas (subject to subscription) that relate to these key areas of concern. 

In-house lawyers at financial institutions may find the following resources particularly helpful:



Coronavirus (COVID-19)—legislation tracker

We also cover the implications for various finance transactions types in standalone Practice Notes, links to which can be found in the Coronavirus (COVID-19) and Banking & Finance—overview.

Not a subscriber to LexisPSL? See the free resources and information on our Covid-19 blog

 

4) Keeping up to date – trackers, timelines and key resources

 

Key dates you need to know, publications and announcements relating to legal issues in Banking & Finance are also covered within LexisPSL.

Click to view trackers, timelines and practice notes in the following topic areas:

Not a subscriber to LexisPSL?  For a free trial click here.

 

Useful resources

 

Banking & Finance specific cross border resources (Europe, Americas, Asia-Pacific and Africa

 

5) Industry body trackers

 


 

6) Content specific to in-house lawyers

 

In Banking & Finance, we have a dedicated topic for in-house banking & finance lawyers, helping you to navigate the intricacies of working in-house.  Useful resources include:

• A series of high-level guides on overviews of areas such as confidentiality, competition and privilege.
• A series of “tips and traps” guides to help negotiating documents such as engagement letters or key issues you may face when working on lending transactions.
Regulatory resources for in-house lawyers, which gives an overview of the key regulations and the legislative framework applicable to in-house banking and finance lawyers.

 

7) Checklists

 

Busy in-house lawyers often want to use checklists to ensure that they have ticked off what they need to do on their legal matters.  In Banking & Finance, we recognise that in-house lawyers juggling multiple matters often benefit from checklists to ensure that the important points have been covered off.  To that end, in LexisPSL we have checklists covering an array of issues, including, for example: 


 

8) P.R.I.M.E. Finance collaboration

 

We are proud in LexisPSL to support and work with P.R.I.M.E. Finance, whose mission is to ensure that the best expertise is available for the settlement of complex market disputes. As part of this, we are supporting P.R.I.M.E. Finance with its virtual conference programme. 

Please sign up for these free events here

The past P.R.I.M.E. Finance events are available for viewing for LexisPSL Banking & Finance subscribers here. Topics covered include:

• Mediation and financial services – reflections on 2020 and what’s new in 2021
• Sustainable finance – a transatlantic dialogue
• Legends of the law: Judge Brower and Lord Thomas of Cwmgiedd

 

9) Crafty Counsel collaboration

 

We have collaborated with Crafty Counsel to provide certain of their videos within LexisPSL Banking & Finance.

Amongst others, these include:

• Influencing for successful negotiations
• Moving from private practice to in-house
• Contract negotiations

• Privilege, disclosure and managing the process.

These are available on the LexisPSL Banking & Finance homepage here.

 

10) Webinars

 

You can also sign up to upcoming and on demand webinars in the LexisPSL library. Upcoming topics in H2 2021 include: 
• Financial Services Bill
• Fintech, blockchain and smart contracts
• Insolvency Act: one year on from CIGA
• Sustainable finance
• Smart derivatives 

Sign-up to upcoming and view on demand:

 

 

Get connected…

LexTalk®Banking & Finance: a Lexis®PSL community Collaborate and network with a community of expert lawyers

 

LexTalk® is a new online community forum which gives LexisPSL subscribers the opportunity to post questions, hold conversations, participate in discussions and share best practice. It has been designed to provide a secure place for legal professionals to discuss legal developments, offer and receive peer support, and gain a sense of up to date market practice and advances in real-time. You can access and post questions on all of the dedicated practice area forums, including a dedicated community for LexisPSL Banking & Finance.

Click here to sign up and meet like-minded community members, create a profile, connect, share, and start participating today! Alternatively, you can access LexTalk® on the key resources tab on the Banking & Finance home page.





Related Articles:
Latest Articles:
About the author:

Emma is head of the Banking and Finance team and the Finance Group at LexisNexis®UK.

Emma has wide-ranging experience in derivatives and capital markets with a particular emphasis on credit derivatives and structured products. Emma qualified as a solicitor with Allen & Overy LLP, working in the derivatives and structured finance teams in both their London and Paris offices before gaining experience with Deutsche Bank AG (advising the foreign exchange prime brokerage desk) and Crédit Agricole CIB (advising the fixed income and derivatives desk) before joining LexisNexis®.