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...
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  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,...
02 March 2020
The cooperation dilemma – legal privilege in the “why not litigate” era
The Financial Services Royal Commission has had a significant impact on regulators’ appetites to obtain documents subject to claims of legal professional privilege and shifted strategic considerations that companies will weigh in deciding whether or not to provide privileged documents to regulators.
15 November 2019
The Lloyds/HBOS litigation: The first shareholder class action judgment in England & Wales
The first judgment in a shareholder class action in England & Wales has been handed down by the High Court today in Sharp v Blank  EWHC 3078 (Ch) (also known as The Lloyds/HBOS litigation ).
10 October 2019
Corporate Crime Update, Autumn 2019
Welcome to the Autumn 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break. For the full update on...
20 February 2019
HKMA turns up the heat and announces consultation on IBOR transition
On 12 February 2019, the Hong Kong Monetary Authority ( HKMA ) announced in a briefing to the Legislative Council Panel on Financial Affairs that the Treasury Markets Association ( TMA ) will hold a long-awaited consultation this quarter on alternative reference rates. The announcement follows...
13 February 2019
The Final Report has been released and for those who followed the public hearings, the recommendations are not surprising. The regulators, ASIC and APRA, have been given increased regulatory scope and more tools to regulate. The key question is, following on from the Final Report, where next for...
13 February 2019
LIBOR Is Being Overtaken: Will It Be a Car Crash?
This article considers the background and current market developments relating to the discontinuation of LIBOR. It examines the potential litigation likely to arise for legacy contracts and the alternative contractual fall-back provisions that are being proposed. Finally, it analyses the four...
26 July 2018
The Securities Litigation Review 4th edition 2018, England and Wales chapter
Karen Anderson and Harry Edwards have contributed to the England and Wales chapter of The Securities Litigation Review. Now in its fourth edition of The Securities Litigation Review is a guided introduction to the international varieties of enforcing rights related to the issuance and exchange of...
27 March 2018
Sorgfältige Planung und Geduld erforderlich // Careful planning and patience required
Die Europäische Kontenpfändungsverordnung ist seit gut einem Jahr in Kraft. Sie erlaubt es Gläubigern, in einem Mitgliedsstaat der EU einen Pfändungsbeschluss zu erwirken und mit diesem Beschluss Konten ihrer Schuldner in einem anderen Mitgliedsstaat vorläufig einfrieren zu lassen. Mathias...
22 July 2022
Artificial Intelligence and Renewables: The rise of renewables in Australia
What role will machine learning, a subset of AI, play in Australia's transition to a zero carbon energy future, and what are some of the implications and trade-offs that come with its increased use in our energy infrastructure?
20 July 2022
Trust companies survey 2022: Anti-money laundering regulation
The pace of change in anti-money laundering regulation has been rapid since the 2020 edition of our survey, and shows little sign of slowing down. The EU has introduced a significant AML reform package which is working its way through the legislative process, the UK recently issued responses to...
20 July 2022
‘Safe harbour’ protections may help Australian startups and scaleups ride out the current storm
With a tightening market for capital, the ‘safe harbour’ protections may be critical for Australian startups and scaleups who are unsure if they can raise more capital within their current cash runway or who need to raise through debt securities like convertible notes. Relying on ‘safe harbour’...
14 July 2022
Cities are responsible for around 75% of global CO2 emissions. To effectively battle climate change, urban hubs will need to be in the vanguard. A handful of cities are aware of this responsibility, and willingly placed themselves on the front lines in the effort to decarbonise.