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Key Finance Insights
The focus on transitioning away from LIBOR has intensified over recent months. Whilst some regulatory timelines have been relaxed as a result of Covid-19, global authorities have reiterated that firms should not rely on LIBOR being published after the end of 2021.
The Brexit transition period will end on 31 December 2020. For financial services, this date marks a licencing cliff edge as EEA-UK passporting rights fall away and, broadly, each is to be treated as a third country by the other. Even if a free trade agreement is achieved, this is unlikely to be of practical significance for financial services.
The global pandemic has seen the UK Government make available a number of schemes and regulatory relief measures in response to Covid-19.
Currently 65 corporates have outstanding commercial paper (CP) issued under the Covid Corporate Financing Facility (CCFF) launched by HM Treasury and the Bank of England in March 2020.
Environmental, social and governance (ESG) issues are becoming ever more ingrained in corporates’ culture. Reflecting this, ESG developments continue apace.
Remote working arrangements have been widely implemented in response to the Covid-19 pandemic. Set out in this article are some considerations for the ‘virtual’ execution of English law contracts and some of the practical solutions available.