The following Financial Services practice note provides comprehensive and up to date legal information covering:
The London Inter-Bank Offered Rate (LIBOR) is a global benchmark for short term interest rates. The benchmark is often written into standard derivative and loan documentation and has increasingly been used for a range of retail products such as mortgages. As far back as 2005, there has been evidence of banks seeking to manipulate LIBOR (see the Financial Services Authority (FSA)'s final notice in relation to Barclays). Following numerous concerns about the way LIBOR was functioning, in 2009 the FSA, along with other overseas regulators, started to investigate a number of institutions for alleged misconduct relating to LIBOR, the Euro Inter-Bank Offered Rate (EURIBOR) and other benchmarks. As part of its response to these investigations, in July 2012, the UK Government established an independent review into the setting and usage of LIBOR. The review was led by Martin Wheatley, then managing director of the FSA and former CEO of the Financial Conduct Authority (FCA).
The Wheatley Review identified a number of failings in the production and oversight of the process of determining LIBOR, which at the time was administered by the British Bankers' Association (BBA) and self-regulated by the BBA and contributing banks. In particular, the Wheatley Review noted that the conflicts of interest presented by self-regulation had clearly facilitated the conduct identified in the investigations. Consequently,
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Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a payment in lieu of notice ('PILON') as an alternative to giving notice, to ensure
Case number [insert number][In the principal registryORIn the [insert court location] FAMILY court]Sitting at [insert place]Notice of actingBetween[insert petitioner name]Petitionerand[insert respondent name]RespondentTake notice that we [insert name of firm] have been appointed to act as the
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