Clifford Chance Financial Markets Toolkit

Where contracts do not contemplate LIBOR cessation, the market has been transitioning LIBOR-referenced contracts to newer risk-free rates by agreeing amendments to the documentation. But what if a counterparty will not transition? Should a term be implied or should the product be redeemed? That was the choice for the English Court in Standard Chartered PLC v Guaranty Nominees Limited and Ors [2024] EWHC 265, in an eagerly-awaited "test case". The Court implied a term - a decision that has been largely welcomed by the financial markets. But, as ever there is nuance. In this briefing we consider implications for other products, and how the facts of the case may have impacted the Court's decision in this instance. Read the full briefing ➡️https://lnkd.in/efzG_h2d #LIBOR

Global efforts to enhance anti-money laundering (#AML) measures to combat financial crime are increasing. In this extract from a recent Clifford Chance webinar, we look at the latest AML trends in the EU, US, UK and Singapore, what they mean for business and compliance processes and provide some practical suggestions for adapting to them. Read the full briefing 👉 https://lnkd.in/eJUMrBVK

In chasing down opportunities to invest in the energy transition, private capital is increasingly focused on unlocking the investment potential offered by alternative technologies such as carbon capture and storage (#CCS) and the associated value chain including carbon credits. This briefing provides an overview of CCS in #Australia, including the financial incentives available to facilitate investment in CCS technologies, the regulatory framework for CCS and some of the key issues to consider when investing in the sector. Read the full briefing ➡️https://lnkd.in/egHe2etE #EnergyTransition

On 12 September 2024, the #PRA published its Policy Statement PS9/24 Implementation of the #Basel 3.1 Standards, accompanied by a set of near-final rules and new and revised supervisory statements, and confirmed January 2026 as the UK implementation date. Taken together, these publications amount to a sizeable package of around 1000 pages and form the second of two instalments of the PRA's Basel 3.1 implementation package. In this briefing, we give our initial reactions on the top ten themes that we find most interesting, with a focus on some of the particular features of the PRA's implementation: how the PRA's approach has changed from its opening consultation position, and how it varies from the EU's CRR3 regime. Read the full briefing 👉 https://lnkd.in/ecjPJEfU

📃 Over the summer, the #FCA took a further step towards "filling in the blanks" of the replacement UK prospectus regime. Consultation Paper CP24/12, published by the FCA at the end of July, sets out the FCA's policy conclusions on the detail of the UK public offer and admission to trading (POATRs) regime. The 360-page paper also includes draft rules for the FCA Handbook and draft Annexes with proposed prospectus disclosure requirements. The deadline for comments on the FCA Consultation is not until mid-October. Moreover, the FCA has indicated that it is planning a separate consultation later this year on the UK retail debt market, likely in "late Q4".  Nonetheless, we have prepared a high-level briefing on CP24/12, outlining key aspects and their impact for debt issuance. In the briefing, we indicate some of the areas where we will be following up with the UK FCA with requests for further clarifications. Additionally, with the EU prospectus regime also in flux, we have highlighted not only how the FCA proposals differ from the current UK regime but, also, how they differ from current and future EU requirements. Read the full briefing 👉 https://lnkd.in/eeWcDsVr

The #EU and the #UK are set to implement the Basel 3.1 reforms from next year, with significant impacts on the treatment of credit risk. However, there are still uncertainties on timing and differences between the EU and the UK approaches to implementation and their future agendas for bank prudential policy.   Read the full blog ➡️ https://lnkd.in/g64Qgywv

🍃 Demand for e-fuels and biofuels is rocketing. Last year, the EU enacted new regulations in the aviation and shipping industries designed to force airlines and shipping companies to switch to alternative fuels, ratcheting up from a 2% blend in 2025 to 70 or 80% (depending on the industry) by 2050. Other jurisdictions such as Australia, South Korea and Japan are following suit and introducing similar binding commitments. In this briefing, we discuss what developers and investors need to consider when structuring green fuel projects, including strategies for managing the construction and procurement phase. Read the full publication 👉https://lnkd.in/eDFenS5y #Construction #GreenFuels #RealEstateDevelopment

📃 With effect from 29 July 2024, the #FCA is introducing a radically restructured UK listing regime to make it more straightforward to list in London. The package of reforms also has the potential to reduce the complexity involved in maintaining a listing in the UK and make it simpler for listed companies to participate in transformative M&A and be more competitive in auction processes. The continuing obligations to which companies admitted to the single commercial companies regime are subject have been modified. Our briefing includes a comparison of the final UK Listing Rules against the historic premium and standard listing rules. Please contact us if you have any questions. Read the full briefing ➡️ https://lnkd.in/eGi2uTZH #UKListingRegime

🌿 As sustainable investing continues to become more mainstream globally, ESG ratings and data products play an increasingly central role in the sustainable finance ecosystem. Provision of these products has been largely unregulated. In this briefing we look at the mandatory or voluntary policy frameworks being introduced in various jurisdictions and consider how the use of ESG ratings and data is evolving in the debt and equity capital markets. Read the full briefing ➡️ https://lnkd.in/eDpHPChC #ESG #CapitalMarkets

🍃 Interest in carbon markets is growing across the globe. Singapore has led the way in carbon regulation in South-East Asia and has been proactive in seeking opportunities for international collaboration. In this briefing, we explore the different forms of carbon market – regulated, voluntary and hybrid, and consider the opportunities available to participants in Singapore. Read the full briefing 👉https://lnkd.in/gantEBfw #CarbonMarkets #Singapore