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GBP/USD LIBOR transition in Australian loan documents

Banking & Finance

GBP/USD LIBOR transition in Australian loan documents

In early 2021, the requirement to transition all GBP LIBOR loans to risk-free rates (“RFRs”) by 31 December 2021 seemed an almost impossible prospect.

24 September 2021

Not Now, Maybe Later: Group Costs Orders in Fox v Westpac Banking Corporation; Crawford v Australia and New Zealand Banking Group Limited

On Tuesday, 14 September 2021, the Victorian Supreme Court handed down the first decision relating to section 33ZDA of the Supreme Court Act 1986 (Vic) (the Act), which...

17 September 2021

The makings of a successful CCIV regime: release of CCIV Mark II

CCIV Mark II deals with the major stumbling blocks which had held back the CCIV from successful implementation.

27 August 2021

An app for that? What do developers of software-based medical devices need to know?

The increasing pace of digital health, wearables, and apps generally have spawned an increasing number of innovative software-based products that are able to assist with, or may aim...

23 August 2021

Europe’s Carbon Levy poised to affect Australian businesses

In July 2021, the European Commission finalised its proposal to introduce a Carbon Border Adjustment Mechanism (CBAM) by the end of the year.

18 August 2021

FAR reaching consequences for super trustees

The Financial Accountability Regime is the Government’s proposed extension of the existing Banking Executive Accountability Regime to cover all APRA regulated entities.

16 August 2021

Signing contracts electronically just got easier for companies (again)

The Federal Government has just passed the Treasury Laws Amendment Bill 2021 to facilitate the electronic execution of documents under s127 of the Corporations Act 2001.

11 August 2021

The High Court Appeal - Wells Fargo Trust Company, National Association (as owner trustee) & Anor v. VB Leaseco Pty Ltd (administrators appointed) & Ors – Exploration of Virgin Territory

In the next month or so the hearing of the appeal in what has become known as the “Willis” Case will be heard before the High Court of...

05 August 2021

FAR is here – what does it mean for insurers and insurance?

Subject to a ministerial declaration, FAR will apply to insurers (and the insurers’ NOHCs) from the later of 1 July 2023 or 18 months after the Regime has...

03 August 2021

LIBOR Transition – Forward-looking Term SOFR Is Here

Very shortly, the U.S.-based Alternative Reference Rates Committee (ARRC) will make its much-anticipated formal recommendation of forward-looking term Secured Overnight Financing Rates (Term SOFR) administered by the CME...

27 July 2021

FAR reaching consequences: the new Financial Accountability Regime

On 16 July 2021 Treasury released consultation draft legislation to introduce the Financial Accountability Regime (FAR). FAR is the Government’s proposed extension of the existing Banking Executive Accountability...

20 July 2021

Australian Government releases licensing relief options for foreign financial services providers

On 9 July 2021, Federal Treasury released its Consultation Paper on options for licensing relief for foreign financial services providers (FFSPs) and fast-tracking the licensing process for FFSPs....

09 July 2021

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