Simmons & Simmons advises the Hogg Tendering Advisory Committee on the transfer of the LIBOR administration business. The completion of the transfer of the London Interbank Offered Rate (LIBOR) administration business to Intercontinental Exchange Benchmark Administration Ltd (IBAL) took place on 1 February 2014, following FCA approval of IBAL as the new administrator.

This is the outcome of the competitive tender designed and implemented by the independent Hogg Tendering Advisory Committee. The Committee was chaired by the Baroness Hogg and consisted of senior market and banking figures, acting in a personal capacity. Its remit was to design and implement an open and competitive process to determine a new administrator to take over responsibility for the administration of LIBOR.

This was a key step in implementing one of the principal recommendations of the Wheatley Review of LIBOR, and which the UK Government accepted in full.

Simmons & Simmons has been working alongside the Committee’s Secretariat from HM Treasury and the Financial Conduct Authority to support the Committee on the transfer of the administration business.

The Simmons & Simmons team advising the Committee was led by Corporate partner, Charles Mayo, assisted by managing associate Rachel Lewis, trainee solicitor Mandy Adogla and IP partner Michael Gavey.

Baroness Hogg said: "Charles Mayo's forward thinking management of a difficult legal process was critical to the achievement of a effective tendering process. His excellent support to the Committee was hugely appreciated and he showed the greatest commitment to removing the difficulties in the way of a robust and timely conclusion."