Publication
How the new Building Canada Act works
On June 26, Bill C-5, the One Canadian Economy Act, received royal assent. The One Canadian Economy Act introduces two pieces of legislation aimed at bolstering economic development in Canada.
On 27 July 2017, Andrew Bailey, the Chief Executive of the UK Financial Conduct Authority (the FCA) announced that the FCA would no longer compel or persuade banks to make submissions to LIBOR as from the end of 2021.
LIBOR was originally a survey- based benchmark, compiled by panels of banks answering the question “at what rate could you borrow funds were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11am?” However, in the wake of the manipulation scandal, regulators found that there were very few transactions taking place to support some of the currencies and tenors for which LIBOR was published. As such, LIBOR submissions were largely based upon expert judgement rather than transaction data. This led to concerns that LIBOR was unrepresentative and vulnerable to potential manipulation which in turn culminated in a number of criminal actions brought in various jurisdictions around the world.
Our briefing note explains everything you need to know about the transition to risk-free rates including key regulatory issues and challenges concerning IBOR transition.
Recent publications
Publication
Real estate focus: June 2025
In this edition we report on the Law Commission’s interim statement on 1954 Act reform following its two November consultations. We then examine the facts, judgments and implications of 3 recent cases: Emily Colville comments on the progress of a case determining whether or not a roof top garden should be considered a “storey” for the purposes of the Building Safety Act 2022.
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