In an article for Butterworth’s Journal of International Banking and Finance Law, Dr Perkins and Jennifer Enwezor, former Project Manager at the FMLC Secretariat, examine the difficulties in the transition from IBOR benchmarks to alternative risk-free rates (“RFRs”). They consider the question asked frequently in relation to the LIBOR transition—whether the move from a single calculation methodology to multiple methodologies in multiple jurisdictions will have significant negative impact—and determines that it is likely to be less of an obstacle than market discussions would suggest.
Dr Perkins published an article entitled Benchmark transition under the new E.U. Regulation in the November edition of the Butterworth’s Journal of International Banking and Finance Law. The article provided an overview of the Benchmarks Regulation (EU 2016/1011), including its scope and proportionality and the requirements it imposes for oversight of the benchmark administrator. In particular, and in response to concerns that some benchmarks might be withdrawn for non-compliance, the article examines the Regulation’s transitional provisions, which are of increased relevance in light of planned changes in relation to key interest rate benchmarks and the U.K.’s imminent withdrawal from the E.U.
The article can be downloaded below.
Joanna, FMLC Project Secretary Jennifer Enwezor and Barnabas Reynolds of Shearman and Sterling adapted the FMLC Paper on the Obligations of Central Counterparties and their Clearing Members under Part VII of the Companies Act 1989 into an article for the January edition of the Butterworths Journal of International Banking and Financial Law. The piece considers how the protections in Part VII of the Companies Act 1989, whilst establishing the primacy of default management processes over insolvency law, could be subject to the disruptive effects of certain proprietary claims.
The article is available for download below. Should you refer to it in your own work, the recommended citation is:  1 JIBFL 8.
An article co-written by FMLC CEO Joanna Perkins and FMLC Project Secretary Jennifer Enwezor on the legal uncertainties arising from the proliferation of virtual currencies was published in the November issue of the Butterworths Journal of International Banking and Financial Law.
The article, which draws heavily on an earlier FMLC publication, reflects on the qualities of virtual currencies which would permit them to be classified within the traditional categories of property and personal rights established at Common Law, despite the multiplicity and diversity of virtual currency platforms in use. An overview of virtual currency schemes reveals that units of virtual currency can be convincingly categorised as a type of property, by dint of their widely-accepted economic value and transferability, and as money, owing to their status as a medium of exchange amongst a sizeable user community.
The article is available for download below. Should you refer to it in your own work, the recommended citation is:  10 JIBFL 569.