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16 February 2021
LIBOR transition: What is a "safe harbour" and why does the UK’s legislative toolkit need one?
In the context of the UK’s legislative solution for the transition of so-called "tough legacy" LIBOR contracts, contained within the Financial Services Bill ( FS Bill ), HM Treasury ( HMT ) has recently published a consultation paper: Supporting the wind-down of critical benchmarks .
10 February 2021
Final EU legislative fix for legacy LIBOR: impact on transition risk for UK entities
On 2 February 2021, the European Council paved the way for the EU’s legislative solution for the transition of legacy LIBOR contracts to become law, by adopting amendments to the Benchmark Regulation (EU) 2016/1011 ( BMR ), which will now enter into force and apply from 13 February 2021.
21 December 2020
Australia approves sweeping changes to breach reporting regime
In a move with significant implications for Australian financial services and credit licensees ( AFS Licensees and Credit Licensees respectively), the Federal Parliament has passed legislation endorsing several reforms recommended by the Financial Services Royal Commission, including to the regime...
15 October 2020
Libor transition update - October 2020
The cessation of the London Inter-bank Offered Rate ( LIBOR ) at the end of 2021 has long been an issue vexing the global financial services industry given the scale and geographic spread of exposures to the affected benchmarks across the currencies and terms in which it is published. As we reach...
09 October 2020
Climate-related disclosures: the new frontier?
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the Financial Conduct Authority ( FCA )’s proposals for regulating climate-related disclosures and the litigation risks which may arise for issuers from such proposals.
11 September 2020
Securities class actions in England and Wales: the challenges for funders and a perspective from Australia
There are interesting contrasts between the highly dynamic securities class action markets in Australia and England and Wales. While the Australian market is more developed, there has been rapid growth in recent years in England and Wales.
21 July 2020
The road to LIBOR transition
LIBOR (and other IBORs) will cease to exist in their current form from the end of 2021, creating significant issues for financial institutions with exposure to LIBOR contracts, and the risks associated with the economic consequences of switching to the replacement Risk Free Rates.
29 June 2020
UK Government announces LIBOR legislative fix: summary of proposals and our initial observations
In a written statement on 23 June 2020 made by Rishi Sunak, The Chancellor of the Exchequer , the UK Government has announced its intention to introduce a legislative solution for the transition of so-called “tough legacy” LIBOR-linked products. It intends to include measures in the forthcoming...
22 June 2020
The Securities Litigation Review 6th edition 2020, England and Wales chapter
Herbert Smith Freehills have contributed the England and Wales chapter of The Securities Litigation Review. Now in its sixth edition, The Securities Litigation Review, edited by William Savitt of Wachtell, Lipton, Rosen & Katz, is a guided introduction to the class action regimes for securities...
26 March 2020
The Fairness Doctrine: A Return to the Status Quo?
In October 2019, the Full Federal Court decision in ASIC v Westpac Securities Administration Limited [2019] FCAFC 187 ( ASIC v Westpac ) raised questions about the scope of the obligation on AFS licensees to act efficiently, honestly and fairly. Less than 6 months later, the Federal Court’s...
12 March 2020
ASIC Proposes New Guidance on Ongoing Fee Arrangements
ASIC is proposing to issue guidance on how it will regulate ongoing fee arrangements ( OFAs ). Depending on the position it takes, these arrangements, which have been challenging for the advice industry to comply with since they were introduced as part of the Future of Financial Advice reforms,...
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17 September 2021
The Unified patent court and unitary patent – Introduction
A new patent right and patent enforcement system is coming for patent protection in the Europe which the new court's Preparatory Committee states is likely to start mid-2022. There are two main elements: A Unified Patent Court ( UPC ) which will have jurisdiction over all European patents (current...
15 September 2021
International Construction Law Conference 2021
King’s College London, Centre of Construction Law and Dispute Resolution, in collaboration with The Academy of Experts presents International Construction Law Conference 2021 Wednesday 15 September 2021 , held online and in person (restrictions permitting)* at King's College London starting at 09...
15 September 2021
GAR The Guide to Advocacy - Edition 5 - Cultural Considerations: United States
Amal Bouchenaki, Partner in Herbert Smith Freehills’ New York office, has contributed to the Fifth Edition of Global Arbitration Review’s “The Guide to Advocacy” with a chapter entitled “Cultural Considerations in Advocacy: United States”.
15 September 2021
Reckitt Benckiser puts a Finish (for now) to competitor’s launch of dishwashing tablets
Businesses launching a new brand in the Australian market need to consider the competitive landscape of existing brands, and the risk of a competitor seeking an urgent interim injunction against them, if they stray too close to an existing registered trade mark.
15 September 2021
The Herbert Smith Freehills Legal Privilege Web App
We are delighted to announce the release of our English law legal privilege web app. Following on from the very positive feedback which we have received from clients over recent years on our Handy Client Guide to Privilege, our team has developed a digital version which makes the analysis quicker,...
14 September 2021
TALKING INFRASTRUCTURE AND ENERGY SERIES
Welcome to our series of webinars and legal briefings from the Southeast Asia Energy and Infrastructure Practice, focusing on recent developments (and some helpful reminders) of importance for investors, developers, lenders and contractors, both legal and commercial.
14 September 2021
Marketing a product as an “alternative” is no answer to trade mark infringement
The Full Court of the Federal Court has found that marketing a product as an “alternative” to a trade-marked brand is no answer to a claim of infringing use as a trade mark. In Allergan Australia Pty Ltd v Self Care IP Holdings Pty Ltd , 1 Justices Jagot, Lee and Thawley took a broad view of trade...
13 September 2021
AFRICA'S JOURNEY TO COP26
In August 2021, the IPCC’s Sixth Assessment report confirmed that human influence has undoubtedly warmed the climate system and raised the global surface temperature. The report, which is supported by the physical science of climate change, also confirmed that some changes which already affecting...
13 September 2021
COP26 – China's preparation to date
China is the world's number one greenhouse gases ( GHGs ) emitter and plays a major role in global climate change mitigation. With the notion of "ecological civilisation" being included in the overall planning of the country 1 , and "green" development as one of the key principles for development 2...