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Switchboard: +44 (0)203 947 1539
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Rahman Ravelli comments in Thomson Reuters Regulatory Intelligence article which looks closely at the FCA’s Libor transition requirements

Author: Azizur Rahman  21 November 2019

Compliance officers will have their hands full as the London Interbank Offered Rate (Libor) transition kicks in. A Q&A published by the Financial Conduct Authority (FCA) on conduct risk during Libor transition to alternative rates puts the onus on the senior manager responsible, but without specifying which one. The legal view is that the SMF 16 could sometimes do the job best and in any case, compliance should be heavily involved.

Rahman Ravelli commented, “Given the faults which have been laid bare with the public dissection of Libor through the trials which have taken place, now more than ever the role of the compliance officer comes to the fore.”

"Simply proving that there is a compliance procedure in place will no longer satisfy the regulatory requirements. Standards must fall into line with the new 'robust', proactive arrangements now expected by the FCA. It would seem that the screen behind which faults could be hidden and explained has now become a stage, where the full production must be put on show."

This article originally featured on Thomson Reuters Regulatory Intelligence, to read the full article click here. Please note you will need a subscription to read the full article.

Azizur Rahman C 09369

Azizur Rahman

Senior Partner

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Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.

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