News

OCBC bondholders consent to £250 million Libor switch

Singapore’s OCBC Bank, advised by Linklaters, has won approval from bondholders to switch the benchmark underpinning millions of pounds in covered bonds from Libor to a new risk-free rate.

10 June 2021

Bank of England launches “fiendishly complicated” climate stress tests

The Bank of England has launched its biennial climate stress test for the UK’s largest banks - but insists it will not link the results to future capital requirements.

10 June 2021

“Days not weeks”: CFTC and Fed groups back accelerated Libor departure

The United States’ Commodity Futures Trading Commission’s benchmark reform committee has called for a swifter move away from Libor in interdealer swap trades, to speed up the production of a term rate for its replacement benchmark.

09 June 2021

Stablecoins must be regulated like banks, Bank of England says

Stablecoins must be heavily regulated – including potentially authorised as banks – the Bank of England has recommended, as it continues to explore potential for central bank digital currencies.

09 June 2021

Second Circuit dismisses New York’s “unripe” fintech charter suit

A US appeals court has overturned a ruling that blocked the Office of the Comptroller of the Currency from issuing so-called “fintech charters” – but left open the question of its authority to issue such charters after ruling New York’s state regulator did not have standing to bring the original suit.

07 June 2021

Fragmentation concerns raised over EU’s climate disclosure approach

Japanese and US banking industry bodies have warned that ambitious EU moves towards sustainability disclosures – including a newly-finalised taxonomy and new standards for Pillar 3 disclosures – risk creating a fragmented global framework and “exporting” its model to non-EU institutions.

07 June 2021

Jones Day hires five in Paris

Jones Day has hired a five-strong team in its Paris financial markets practice, including four Gide Loyrette Nouel lawyers led by the French firm’s former head of financial services Jean-Guillaume de Tocqueville.

04 June 2021

FCA extends crypto registration deadline amid money laundering concerns

The UK’s Financial Conduct Authority has extended the temporary registration deadline for cryptoasset businesses, after the majority of applicants failed to meet anti-money laundering standards.

04 June 2021

Stop citing our old anti-crypto order, RBI warns India's banks

India’s central bank has told the country’s lenders to stop citing its own now-obsolete order that banned banks from offering their services to cryptocurrency exchanges and customers.

02 June 2021

French regulator’s liquidity contracts proposals threaten market confidence, ESMA says

The EU’s securities regulator has criticised proposed Market Abuse Regulation exemptions issued by France’s Financial Markets Authority, citing concerns that limits on volume and resources would undermine market confidence.

02 June 2021

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