The New York LIBOR Legislative Solution Becomes Law - Finance and Banking mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
On April 7, 2021, the
proposed New York “legislative solution” for legacy USD LIBOR contracts became Article 18-C of the New York General Obligations Law. Article 18-C is primarily aimed at USD LIBOR contracts, securities or instruments (
e.g., floating rate notes (“FRNs”), loans, securitizations and mortgages) with the 2006 ISDA Definitions LIBOR fallbacks, or no fallback provisions at all, and which are governed by New York law. This article focuses on the law’s effect on USD LIBOR FRNs.
Article 18-C has no effect on USD LIBOR FRNs that have the Alternative Reference Rate Committee’s (“ARRC”) recommended fallback provisions to the secured overnight financing rate (“SOFR”), nor does it have any effect on non-USD LIBOR FRNs.
Central Bank Digital Currencies Explored in Thailand, Japan and Sweden
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According to a recent press release, the Bank of Thailand (BOT) is seeking public comment on the issuance and development of a Retail Central Bank Digital Currency (CBDC), an easily portable “digital form of money issued by the central bank comparable to physical banknotes,” which can be used in online and offline financial transactions. The main objective of the BOT’s exploration of Retail CBDC is to provide citizens with broader access to secure financial services. The BOT seeks to pilot Retail CBDC in spring 2022.
Similarly, the Bank of Japan recently announced plans to experiment with CBDC this year “to test the technical feasibility of the core functions and features required for CBDC.” Phase 1, Proof of Concept, began this week, with the goal being to “develop a test environment for the CBDC system and conduct experiments on the basic functions that are core to CBDC as a payment instrument
SoftBank bets on Better; U K bank startup takes job flexibility to a new level americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
By Kyle Brasseur2021-04-09T15:36:00+01:00
The U.K. Serious Fraud Office (SFO) on Friday announced a fraud investigation into car leaser Buy2Let Cars and several other companies operated by Raedex Consortium.
The announcement comes a day after the SFO, with the assistance of the National Crime Agency and London police, arrested an individual following searches on two residential premises in connection with the probe. The individual has been released pending further investigation.
The companies under investigation include Buy2Let Cars, PayGo Cars, Wheels4Sure, and Rent2Own Cars. Investors and lessees of the companies can expect an update regarding the probe on May 10, according to the regulator.