In early 2020, many in the United States watched the ominous scenes unfold on our televisions. Business and corporations implemented their business continuity programs. Small businesses shuttered to keep customers and employees safe. Economists fretted about the negative economic impacts, fearful that it could drive the economy into a recession. Those with respiratory issues were…
The transition to LIBOR presents many challenges for large banks (sell-side firms), not the least of which is Legal/Litigation Risk. This risk can present itself to banks in their LIBOR linked financial contracts as counterparties (buy-side asset managers) may choose to litigate over proposed new reference rates if they believe they are not as favorable…
As the LIBOR journey approaches the final stage, all client efforts would now be focused on testing the data, processes and functionalities developed for the post-LIBOR environment. To support our clients during the testing planning and execution, we have developed a comprehensive approach for testing, addressing all critical aspects – individual component testing, E2E scenario…
Financial institutions (FIs) are now awaiting the passage of the $741 billion National Defense Authorization Act (NDAA); more specifically, the Corporate Transparency Act (CTA) portion of the NDAA aimed at combating the use of anonymous shell companies. As we write this, the Senate has approved the NDAA, overriding a veto from the White House. The…
Now that ICE Benchmark Administration (IBA) has announced that it would consult on its intention to cease publication of the one-week and two-month US Dollar LIBOR tenors immediately following the LIBOR publication on December 31, 2021 and for overnight, one-month, three-month, six-month and twelve-month USD LIBOR, immediately following their June 30, 2023 publications, the industry…
This newsletter covers some of the more recent regulatory changes impacting Banking, Capital Markets, Insurance, Energy, Utilities, Life Sciences, Communications & Media and Software & Platforms firms. We track more than 100 regulatory and industry bodies across North America, Europe and Asia Pacific. The shortlisted entries highlight the risks covered and business processes affected by the…
