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GLOSSARY

LIBOR definition

Published by a LexisNexis Banking & Finance expert

What does LIBOR mean?

The London Interbank Offered Rate (LIBOR) is the daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank lending market).

Insolvency

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UK Benchmarks Regulation—timeline

UK Benchmarks Regulation—timeline This timeline shows key developments relating to Assimilated Regulation (EU) 2016/1011 (the UK Benchmarks Regulation) from January 2024 onwards. For earlier developments, see Benchmarks Regulation—timeline [Archived] 2024 Date Source Document Description 22 October 2024 UK Parliament SI 2024/1051: The Critical Benchmarks Regulations 2004 SI 2024/1051: These Regulations are made to specify the WMR Closing Spot Rates (also known as the WMR London 4pm Closing Spot Rate) and ICE Swap Rate® as critical benchmarks for the purposes of Article A20(5) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. They are made in exercise of legislative powers under Regulation (EU) 2016/1011 in connection with assimilated law. They are due to come into force on 13 November 2024.See: LNB News 22/10/2024 108 1 October 2024 FCA and BoE FCA press releaseThe end of LIBOR The BoE has issued a joint press release...

Keywords for the Financial Services Enforcement Database

Keywords for the Financial Services Enforcement Database The Financial Services Enforcement Database contains detailed information on all substantive Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Final Notices and, where available, Decision Notices from 2014 to the present. It also includes any Decision Notices issued by the Payment Systems Regulator (PSR). In addition to allowing users to filter by rule breach, the Enforcement Database also enables users to filter by sector, keywords, seriousness factors, aggravating factors, mitigating factors, financial penalty and other action such as appeals. This document sets out the keywords for the Financial Services Enforcement Database. It can be used as a tool to assist in identifying words and terms to search for across the Database. Keywords Following is a complete list of the keywords used in the Financial Services Enforcement Database: • Abuse of position • Affordability • Anti-money laundering (AML) systems and controls • Appointed representative • Asset Management • Benchmarks • Anti-bribery and corruption (ABC) systems and controls • British Steel Pension Scheme (BSPS)...

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Banking & Finance—key dates and future developments tracker: 2019 [Archived]

Banking & Finance—key dates and future developments tracker: 2019 [Archived] This Banking & Finance key dates and future developments tracker is intended to be used to track key upcoming developments, dates and horizon scanning for banking and finance lawyers. Future developments in other practice areas considered relevant to banking and finance lawyers are included in this tracker. Some other practice areas also produce their own trackers. Please note that this tracker does not cover all consultations relating to financial services regulation (including derivatives and capital markets regulation). Instead, it highlights those which the Banking & Finance team consider to be most relevant to banking and finance practitioners and facility documentation. For comprehensive information on European Union (EU) and US financial services regulatory developments, see Practice Note: Trackers and Timelines—financial services for a full list of all timelines produced by the Financial Services team. Those timelines track in detail developments in relation to key EU Directives and Regulations including the Fourth Money Laundering Directive (MLD4), the Bank Recovery and...

Contractual recognition of bail-in—impact on finance documents

Contractual recognition of bail-in—impact on finance documents What is meant by a contractual recognition of bail-in clause? The concept of a ‘contractual recognition of bail-in clause’ came about as a result of provisions in the Bank Resolution and Recovery Directive (EU Directive 2014/59/EU) (the BRRD), which was part of the EU’s response to the financial crisis. Practice Note: EU Bank Recovery and Resolution Directive (EU BRRD)—essentials provides detailed information on the BRRD. Note that the BRRD has been incorporated into the EEA Agreement, meaning it applies to all EEA countries, not just EU member states. One aim of the BRRD, is to ensure that if an institution becomes insolvent, the creditors and shareholders should bear the losses, as opposed to the taxpayers. To help achieve this, Article 43 of the BRRD, allows an EEA regulator to write-down and/or convert into equity a failing EEA institution's liabilities (known as the bail-in tool). However, one potential obstacle to the effectiveness of this provision, is that the write-down or conversion may not be...

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What will happen to loan agreements that can’t be amended by the end of the year?

What will happen to loan agreements that can’t be amended by the end of the year? LIBOR is ceasing at the end of 2021 for most currencies and tenors. The exceptions are: • one, three, six and 12 month US dollar LIBOR, which is continuing to be published until end-June 2023, though use in new contracts is being prohibited or discouraged by regulators, and • certain Sterling and Yen LIBOR tenors (one, three and six month) which will be published as ‘synthetic LIBOR’ The regulators are encouraging the market to amend contracts wherever possible to provide certainty and avoid a last-minute panic, but some contracts are likely to be impossible to amend, or, because of the volume of contracts, simply not amended in time. The UK, EU and US have all come up with legislative ‘fixes’ to try to (temporarily at least) solve this problem. There are still areas that need to be finalized, though the position is clearer than it was. What will happen will depend on the ...

When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies?

When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies? The Working Group for Sterling RFRs (£RFRWG) issued comprehensive recommendations as to how to calculate and use SONIA in loan agreements, known as conventions. The LMA RFR based facilities agreements include schedules setting out sample drafting for loans in USD, Sterling, CHF and Euro, reflecting these conventions. However, the Sterling conventions do diverge in some areas from the conventions recommended by working groups for other currencies. This Q&A looks at two key areas where the working groups’ recommendations diverge, reference rate floors, and whether to use the observation shift or lag methodology. Where can I find the conventions for USD, CHF and Euro? See ARRC Syndicated Loan Conventions EURIBOR fallbacks and Swiss National Bank—National Working Group for Risk-Free Rates. Are there any key points to note about the recommended conventions? The recommendations by the working groups have been developed within differing contexts. The conventions for...

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Corporate Crime weekly highlights—15 May 2025

This week's edition of Corporate Crime weekly highlights includes analysis of the Supreme Court decision on the double criminality rule in the Extradition Act 2003, of the circumstances surrounding the halting of the new Imposition of community and custodial sentences guideline, of divergent approaches to Russia sanctions enforcement emerging from the UK, US and EU, and of the key questions arising from the Libor conviction cases currently awaiting judgment in the Supreme Court. Also included is news of the largest sanctions package being implemented against Russian shadow fleet tankers, of HMCTS’s strategy for remote participation in court proceedings, of the EA securing two confiscation orders in relation to illegal waste offences, and of a pub chain being fined for food safety breaches following a child's severe allergic reaction. All this, and more, in this week’s Corporate Crime highlights.

Financial Services weekly highlights—15 May 2025

This week's edition of Financial Services weekly highlights includes: FCA appoints David Geale as executive director for payments and digital finance; EU CRR amending RTS published in Official Journal; ISDA extends DRR for revised MiFID II/MiFIR reporting; plus dates for your diary over the coming week.

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