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Transforming Interest Rate Benchmarks - Twist or stick? New LMA drafting to future-proof LIBOR-referencing loans The Working Group on Sterling Risk-Free Reference Rates (the Sterling Working Group) has recommended that from the end of Q3 2020 (in other words, from now on), all new and refinanced LIBOR-referencing loans maturing beyond end-2021 should include &ldquo...
EU Listing Act finalised: Key changes for Debt Capital Markets In April 2024, the European Parliament adopted a package of proposals known as the “EU Listing Act” which is designed to simplify EU listing rules, make public capital markets in the EU more attractive for companies and facilitate access to capital,...
Recent IBOR developments in the loan market With the mammoth task of transitioning away from LIBOR coming to an end, the focus has turned to interest rate benchmark reform in non-LIBOR currency jurisdictions. Recent developments in two such jurisdictions – Canada and Europe – have prompted the Loan...
ISDA's Notices Hub: A solution for delivery of critical notices - a buy-side perspective Many market participants will have received the recent letter from ISDA asking for industry support for the ISDA Notices Hub – a project which aims to go a step further than re-thinking the delivery of notice provisions in the ISDA Master Agreement and,...
Drafting for extension options - The LMA extends a hand In this briefing, Matthew Tobin, Ed Fife, Kathrine Meloni and Latifah Mohamed provide an overview of the LMA’s new drafting for extension options and consider a few key points for borrowers to keep in mind when looking to incorporate an extension option...
Seeds of change: Loan financing in 2024 This briefing considers the near-term outlook for the loan market in terms of funding and liquidity, our views on whether the sustainability-linked loan market will return to growth, plus an indication of some other themes and topics that we expect to...
New public offers and admissions to trading regime: FCA publishes final rules The FCA has published the final version of its prospectus rules under the new public offers and admissions to trading regime that will replace the current regime on 19 January 2026. The FCA has published the final version of its prospectus rules under the...
Reforming UK Financial Services: Takeaways for Treasurers The Government has provided the financial sector and its customers with an abundance of summer reading material. On 15 July, the Chancellor unveiled the “Leeds Reforms”, in the form of the Government’s Financial Services Growth and Competitiveness...
Gunfleet Sands: Supreme Court rules on the limits of “expenditure on the provision of plant” The Supreme Court has clarified the scope of capital allowances under section 11 of the Capital Allowances Act 2001 in Gunfleet Sands, taking a narrow view of when expenditure is “on the provision of plant”. The Supreme Court’s decision in Gunfleet Sands...
New EC merger guidelines: ten things we learned and what they mean for business On 30 April 2026, the European Commission published its highly-anticipated draft merger guidelines (the “Guidelines”), nearly a full year after the initial consultation first opened. Once formally adopted, the Guidelines will replace the 2004 horizontal...