Dentons - Bank Notes - Spring 2019

The transition from LIBOR to risk-free rates - an overview of recent developments

April 4, 2019

How are regulators, industry bodies and market participants preparing for the potential discontinuation of LIBOR at the end of 2021? This note explains the most important recent developments in the transition from IBORs to risk-free rates, including an overview of how pricing benchmarks and fallback mechanics are changing in derivative, lending and debt capital markets transactions.

JOLCOs – Japanese government considers limiting tax benefits to Japanese equity where lessor pays interest to non-Japanese lenders

April 4, 2019

Will tax changes the Japanese government is considering narrow the pool of lenders into future JOLCOs or cause existing deals to be restructured or unwound?

CP19/4 – FCA proposals on the legal function under SMCR and clarifying the client dealing certification function

April 4, 2019

Banks, insurers and enhanced solo-regulated firms affected by the Senior Managers and Certification Regime may welcome the FCA's proposals on the legal and client dealing certification functions.

New EU assignment regulation has first reading in European Parliament but serious flaws remain

April 4, 2019

Despite having received cogent criticism, the EU is proceeding with a regulation that may increase the costs and complexity of cross-border assignments and negatively impact the lending, loan trading, receivables finance, derivatives and other markets.

Priority in insolvency – heavy lies the Crown (preference)?

April 4, 2019

A consultation issued by HMRC in February 2019 proposes legislation that would make HMRC a preferential creditor for certain taxes owed to it in a company's insolvency. This note explains which taxes are affected, why the government is proposing this change, and its likely impact on lenders to UK businesses.