Líder Legal interviewed Angela Natalia García Arenas, partner at Gómez-Pinzón, and Sonia González, associate at Mijares, Angoitia, Cortes y Fuentes, S.C., who together with other experts in the region, discussed how to build systems that equalize opportunities for women compared to men, as well as the five challenges that Latin America faces to achieve real equality. To access the interview, click here:
On March 5, 2021, the Financial Conduct Authority (FCA) in the United Kingdom announced the future cessation or loss of representativeness of the 35 LIBOR benchmark settings currently published by ICE Benchmark Administration (IBA), an authorized administrator, regulated and supervised by the FCA (the “Announcement”).
The Announcement made by the FCA sets forth a series of definitive resolutions in connection with the LIBOR rate transition and confirms that all LIBOR settings will either cease to be provided by any administrator or no longer be representative:
The FCA does not expect that any LIBOR settings will become unrepresentative before the relevant dates set out above. However, representative LIBOR rates will not be available beyond such dates and publication of most of the LIBOR settings will cease immediately thereafter.
The FCA will consult on requiring IBA to continue to publish certain sterling, Japanese yen and US dollar LIBOR settings for a further period after their cessation, on a changed methodology, known as a ‘synthetic’. Any ‘synthetic’ LIBOR will no longer be representative for the purposes of the Benchmarks Regulation (BMR) and is not for use in new contracts. It is intended for use in tough legacy contracts only. The FCA will also consult on which legacy contracts will be permitted to use any ‘synthetic’ LIBOR rate.
While market participants have anticipated the transition and have worked to introduce “fall back” rates in their long-term agreements, as a consequence of the Announcement, borrowers and lenders alike should evaluate, on a case-by-case basis, the impact of the LIBOR transition under their long-term finance or derivatives agreements that do not yet provide for fall back rates language.
To access FCA’s official statement click here.
The Peruvian Ministry of Housing, Construction and Sanitation announced on March 10 that for the next 3 months it will be receiving private co-financed initiatives for the sanitation sector in the urban areas of Peruvian cities of Paita, Talara, Lambayeque, Huaura, Barranca, Huancavelica and Andahuaylas. The opportunity:
Supreme Decree N° 007-2021-VIVIENDA
