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FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

Solvency II—timeline (2007–2023) [Archived]

Solvency II—timeline (2007–2023) [Archived] ARCHIVED: This timeline is archived and is no longer maintained. For key developments relating to the EU’s Solvency II framework (Directive 2008/138/EC), see EU Solvency II—timeline. For key developments relating to the UK's Solvency II regime, see UK Solvency II—timeline. 2023 Date Source Document Description 20 December 2023 Official Journal REGULATION (EU) 2023/2859 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to  financial services, capital markets and sustainabilityDIRECTIVE (EU) 2023/2864 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Regulation (EU) 2023/2859 establishing a European Single Access Point (ESAP) providing centralised access to publicly available information of relevance to  financial services, capital markets and sustainability and Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the ESAP was published in the Official Journal of the...

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Market disruption clauses in (LIBOR-based) facility agreements [Archived]

Market disruption clauses in (LIBOR-based) facility agreements [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London Interbank Offered Rate (LIBOR) (or other designated benchmark)—this can happen in particular where there are problems with the financial system leading to the freezing of markets or solvency problems with the particular lender. Either of these is likely to result in an increased cost of funding for the lender. Market disruption clauses are usually included in facility agreements where interest is calculated by reference to a floating rate such as LIBOR or Euro Interbank Offered Rate (EURIBOR). This Practice Note deals with market disruption clauses in the context of LIBOR-related syndicated facilities. Equivalent considerations apply to syndicated facilities which calculate interest rates by reference to EURIBOR and other benchmark rates. The transition away from LIBOR to risk-free rates such as SONIA...

Regulation and legislation—impact on drafting and negotiating facilities agreements

Regulation and legislation—impact on drafting and negotiating facilities agreements This Practice Note discusses the key provisions of facilities agreements that are impacted by regulation and other legislation, linking to further information where appropriate. This Practice Note assumes that the borrower is a UK corporate and the facilities agreement is governed by English law and based on a market standard such as the relevant Loan Market Association (LMA) recommended form of primary lending document. Clause references are to the Loan Market Association Multicurrency Term and Revolving Facility Agreement with Letter of Credit (the LMA Investment Grade Facilities Agreement), or the Senior Multicurrency Term and Revolving Facilities Agreement for Leveraged Acquisition Finance Transactions (the LMA Leveraged Facilities Agreement). This Practice Note focuses primarily on the impact of settled legislation or regulation. For information on proposals and regulatory and legal developments at an earlier stage, see Practice Note: Hot topics for Banking & Finance lawyers. Financial services regulation—useful resources For an overview of the key regulations that impact finance transactions together...

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Floating rate and variable rate provisions—loan note instrument—private M&A—share purchase

Clause 1.1 of precedent: Loan note instrument—private M&A—share purchase: Add the following definition:

LIBOR definition

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What are unitranche facilities?

What are unitranche facilities? What is a unitranche facility? Leveraged finance transactions are traditionally funded by a mixture of equity, senior debt, mezzanine debt and/or bonds. A unitranche facility is effectively a blend of the senior and mezzanine portion of the financing although it can sometimes covers part of the equity too. Therefore, instead of two facilities agreements, covenant packages, sets of security documents etc, only one is required. Unitranche facilities are more common on mid-market deals. What are the typical terms of a unitranche facility? Unitranche facilities differ from deal to deal but some typical features are: • the facility will be in the form of a term loan; if a revolving credit facility (RCF) is also required it will normally be documented in the same agreement and share the same security package • bullet repayment or possibly with a back ended amortisation schedule • higher margin than senior debt but lower margin than mezzanine debt; margin may be a mixture of cash and PIK...

Are there any previous, ongoing or anticipated class actions in the UK or the US regarding the settlement by UK Banks related to the foreign exchange manipulation case?

Are there any previous, ongoing or anticipated class actions in the UK or the US regarding the settlement by UK Banks related to the foreign exchange manipulation case? We refer you to the following news articles which may be of assistance: • on 10 February 2014, we reported on US banks facing potential class actions from pension funds for alleged foreign exchange manipulation. This was also reported by the Financial Times in an article published on 9 February 2014, which noted that the Newport News Employees Retirement Fund had filed a class action complaint against seven banks (Citigroup, Deutsche Bank, RBS, HSBC and UBS). • on 20 September 2016, it was reported that a US Judge had narrowed a currency rigging suit against seven banks—the case is In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-07789. See also: Judge nixes some Forex claims but finds banks conspired and further case information. • a recent class action...

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FCA publishes updated direction on UK derivatives trading obligation under Article 28a(6) MiFIR

The Financial Conduct Authority (FCA) has published an updated direction modifying the UK's derivatives trading obligation (DTO).  It is effective from 31 December 2024. The direction will continue to allow firms subject to the UK DTO, trading with, or on behalf of, EU clients subject to the EU DTO, to transact or execute those trades on EU venues, providing they meet certain conditions. The direction is accompanied by an explanatory note.

HSBC loses challenge to €32m Euribor rigging fine

Law360, London: HSBC Holdings plc has lost its challenge to a €31.7m EU fine for rigging Euribor, as a European court rejected the bank's argument that the penalty was imposed out of time on 27 November 2024.