{"id":3816,"date":"2024-12-06T12:48:26","date_gmt":"2024-12-06T11:48:26","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=3816"},"modified":"2024-12-06T14:56:11","modified_gmt":"2024-12-06T13:56:11","slug":"interest-rate-benchmarks-when-even-the-fallback-fails","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/","title":{"rendered":"Interest Rate Benchmarks: When Even the Fallback Fails"},"content":{"rendered":"<h3>Standard Chartered Plc V Guaranty Nominees Limited and Others [2024] EWHC 2605 (COMM) (15 October 2024)<\/h3>\n<ul>\n<li>This recent decision of the English High Court sheds light on the construction and proper interpretation of the <strong>fallback<\/strong> provisions relating to interest rate benchmarks contained in an offering circular of preference shares issued by a bank.<\/li>\n<li><strong>Preference shares<\/strong> typically entitle investors to receive a fixed dividend (payable at the board\u2019s discretion) and allow their holders to rank in priority over the ordinary shareholders of a company as to the return of capital on a winding up, effectively constituting a peculiar class of shares.<\/li>\n<li>Dividends on the concerned preference shares were payable at a fixed rate of interest, turning then into a floating rate equal to 1.51% plus Three Month \u201cLIBOR\u201d, that is, the <strong>London Interbank Offered <\/strong><strong>Rate benchmark.<\/strong><\/li>\n<\/ul>\n<p>The potential of interest rate benchmarks to undermine market stability and distort the real economy are now widely acknowledged and regulated at global level. For this reason, the decision is likely to be of wider interest to the finance community, given that provisions dealing with the selection and application of interest-rate benchmarks are commonly found in various types of financial contracts, especially where these are governed by English law, as is often the case with debt securities of several Italian and European issuers, meaning also that such contractual documentation would be subject to English law principles of contractual construction and interpretation.<\/p>\n<p><img decoding=\"async\" class=\"lazyload  wp-image-3837 aligncenter\" src=\"https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-300x80.png\" data-orig-src=\"https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-300x80.png\" alt=\"\" width=\"873\" height=\"233\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27873%27%20height%3D%27233%27%20viewBox%3D%270%200%20873%20233%27%3E%3Crect%20width%3D%27873%27%20height%3D%27233%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-200x53.png 200w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-300x80.png 300w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-400x107.png 400w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-600x160.png 600w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-768x205.png 768w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-800x214.png 800w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-1024x274.png 1024w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427-1200x321.png 1200w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-145427.png 1433w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 873px) 100vw, 873px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>While the claimant bank submitted that a term should be implied into the third fallback provision to refer to the \u201creasonable alternative rate\u201d as the applicable rate of interest; on the other, the<br \/>\ndefendant investment fund submitted that the term to be implied was, instead, that the preference shares should be redeemed.<\/p>\n<p><span style=\"text-decoration: underline;\">The court ruled that:<\/span><\/p>\n<ol>\n<li>there had to be a term implied into the contract to address the cessation of LIBOR given that the fallbacks expressly included in the contract were not workable as the preference<br \/>\nshares would not be commercially or practically coherent without implying such term, and<\/li>\n<li>the term to be implied in such a case would refer to the \u201creasonable alternative rate\u201d of interest.<\/li>\n<\/ol>\n<p>The court then looked at what the meaning of \u201c<strong>reasonable alternative rate<\/strong>\u201d should be:<\/p>\n<ul>\n<li>To provide a workable definition of \u201creasonable alternative rate\u201d in line with the principle of business efficacy, the court considered various factors, including the criteria of the regulators in proposing an alternative rate, such as resilience, as well as market practice, and the intention of the parties as inferred from the contract.<\/li>\n<li>The court also pointed out that the inclusion of a fallback clause in the offering circular was evidence that the parties did not want issues relating to LIBOR publication to frustrate the contract in the first place.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"lazyload  wp-image-3825 aligncenter\" src=\"https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-300x121.png\" data-orig-src=\"https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-300x121.png\" alt=\"\" width=\"840\" height=\"339\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27840%27%20height%3D%27339%27%20viewBox%3D%270%200%20840%20339%27%3E%3Crect%20width%3D%27840%27%20height%3D%27339%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-200x81.png 200w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-300x121.png 300w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-400x162.png 400w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-600x243.png 600w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-768x311.png 768w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-800x324.png 800w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-1024x414.png 1024w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-1200x485.png 1200w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756-1536x621.png 1536w, https:\/\/www.crccdlex.com\/wp-content\/uploads\/Immagine-2024-12-06-130756.png 1543w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/p>\n<h3>Conclusions<\/h3>\n<p>The bottom line is: interest rate fallback mechanisms should be very clearly documented, by referring to specific standards and\/or unambiguous sources of information (such as the opinion of a specific entity) in order to address any potential uncertainty in the determination of the interest rate. The use of language that is as simple and comprehensible as possible is key.<\/p>\n<p>The full judgement is available at:<br \/>\n<a href=\"https:\/\/www.judiciary.uk\/wp-content\/uploads\/2024\/10\/FL-2024-000005-Standard-Chartered-Plc-v-Guaranty-Nominees-Limited-and-Ors-15.45.pdf\">https:\/\/www.judiciary.uk\/wp-content\/uploads\/2024\/10\/FL-2024-000005-Standard-Chartered-Plc-v-Guaranty-Nominees-Limited-and-Ors-15.45.pdf<\/a><\/p>\n<p>The press summary is available at:<br \/>\n<a href=\"https:\/\/www.judiciary.uk\/wp-content\/uploads\/2024\/10\/Press-Summary-LIBOR-Judgment-Summary-Standard-Chartered-PLC-v-Guaranty-Nominees-Limited-2024-EWHC-2605-Comm.pdf\">https:\/\/www.judiciary.uk\/wp-content\/uploads\/2024\/10\/Press-Summary-LIBOR-Judgment-Summary-Standard-Chartered-PLC-v-Guaranty-Nominees-Limited-2024-EWHC-2605-Comm.pdf<\/a><\/p>\n<p>Flash news by <a href=\"https:\/\/www.crccdlex.com\/en\/our-professionals\/bianca-casini\/\">Bianca Casini<\/a> \u2013 bianca.casini@crccdlex.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard Chartered Plc V Guaranty Nominees Limited and Others [2024]  [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[77],"tags":[],"crccd-news":[],"class_list":["post-3816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dot-flash-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest Rate Benchmarks: When Even the Fallback Fails - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest Rate Benchmarks: When Even the Fallback Fails - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners\" \/>\n<meta property=\"og:description\" content=\"Standard Chartered Plc V Guaranty Nominees Limited and Others [2024] [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/\" \/>\n<meta property=\"og:site_name\" content=\"Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-06T11:48:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-06T13:56:11+00:00\" \/>\n<meta name=\"author\" content=\"Francesca Bellecci\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Francesca Bellecci\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/\"},\"author\":{\"name\":\"Francesca Bellecci\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#\\\/schema\\\/person\\\/20504d1fbd7230310fc3268370ee6ef2\"},\"headline\":\"Interest Rate Benchmarks: When Even the Fallback Fails\",\"datePublished\":\"2024-12-06T11:48:26+00:00\",\"dateModified\":\"2024-12-06T13:56:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/\"},\"wordCount\":564,\"image\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.crccdlex.com\\\/wp-content\\\/uploads\\\/CRCCD-NEWS-Insights.svg\",\"articleSection\":[\"Dot Flash News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/\",\"url\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/\",\"name\":\"Interest Rate Benchmarks: When Even the Fallback Fails - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.crccdlex.com\\\/wp-content\\\/uploads\\\/CRCCD-NEWS-Insights.svg\",\"datePublished\":\"2024-12-06T11:48:26+00:00\",\"dateModified\":\"2024-12-06T13:56:11+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#\\\/schema\\\/person\\\/20504d1fbd7230310fc3268370ee6ef2\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.crccdlex.com\\\/wp-content\\\/uploads\\\/CRCCD-NEWS-Insights.svg\",\"contentUrl\":\"https:\\\/\\\/www.crccdlex.com\\\/wp-content\\\/uploads\\\/CRCCD-NEWS-Insights.svg\",\"width\":512,\"height\":512},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/interest-rate-benchmarks-when-even-the-fallback-fails\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Interest Rate Benchmarks: When Even the Fallback Fails\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/\",\"name\":\"Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners\",\"description\":\"una boutique del diritto d\u2019impresa\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#\\\/schema\\\/person\\\/20504d1fbd7230310fc3268370ee6ef2\",\"name\":\"Francesca Bellecci\",\"url\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/author\\\/francesca-bellecci\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Interest Rate Benchmarks: When Even the Fallback Fails - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/","og_locale":"en_US","og_type":"article","og_title":"Interest Rate Benchmarks: When Even the Fallback Fails - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners","og_description":"Standard Chartered Plc V Guaranty Nominees Limited and Others [2024] [...]","og_url":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/","og_site_name":"Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners","article_published_time":"2024-12-06T11:48:26+00:00","article_modified_time":"2024-12-06T13:56:11+00:00","author":"Francesca Bellecci","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Francesca Bellecci","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#article","isPartOf":{"@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/"},"author":{"name":"Francesca Bellecci","@id":"https:\/\/www.crccdlex.com\/en\/#\/schema\/person\/20504d1fbd7230310fc3268370ee6ef2"},"headline":"Interest Rate Benchmarks: When Even the Fallback Fails","datePublished":"2024-12-06T11:48:26+00:00","dateModified":"2024-12-06T13:56:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/"},"wordCount":564,"image":{"@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#primaryimage"},"thumbnailUrl":"https:\/\/www.crccdlex.com\/wp-content\/uploads\/CRCCD-NEWS-Insights.svg","articleSection":["Dot Flash News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/","url":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/","name":"Interest Rate Benchmarks: When Even the Fallback Fails - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners","isPartOf":{"@id":"https:\/\/www.crccdlex.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#primaryimage"},"image":{"@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#primaryimage"},"thumbnailUrl":"https:\/\/www.crccdlex.com\/wp-content\/uploads\/CRCCD-NEWS-Insights.svg","datePublished":"2024-12-06T11:48:26+00:00","dateModified":"2024-12-06T13:56:11+00:00","author":{"@id":"https:\/\/www.crccdlex.com\/en\/#\/schema\/person\/20504d1fbd7230310fc3268370ee6ef2"},"breadcrumb":{"@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#primaryimage","url":"https:\/\/www.crccdlex.com\/wp-content\/uploads\/CRCCD-NEWS-Insights.svg","contentUrl":"https:\/\/www.crccdlex.com\/wp-content\/uploads\/CRCCD-NEWS-Insights.svg","width":512,"height":512},{"@type":"BreadcrumbList","@id":"https:\/\/www.crccdlex.com\/en\/interest-rate-benchmarks-when-even-the-fallback-fails\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.crccdlex.com\/en\/"},{"@type":"ListItem","position":2,"name":"Interest Rate Benchmarks: When Even the Fallback Fails"}]},{"@type":"WebSite","@id":"https:\/\/www.crccdlex.com\/en\/#website","url":"https:\/\/www.crccdlex.com\/en\/","name":"Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners","description":"una boutique del diritto d\u2019impresa","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.crccdlex.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.crccdlex.com\/en\/#\/schema\/person\/20504d1fbd7230310fc3268370ee6ef2","name":"Francesca Bellecci","url":"https:\/\/www.crccdlex.com\/en\/author\/francesca-bellecci\/"}]}},"_links":{"self":[{"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/posts\/3816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/comments?post=3816"}],"version-history":[{"count":6,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/posts\/3816\/revisions"}],"predecessor-version":[{"id":3841,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/posts\/3816\/revisions\/3841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/media\/122"}],"wp:attachment":[{"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/media?parent=3816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/categories?post=3816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/tags?post=3816"},{"taxonomy":"crccd-news","embeddable":true,"href":"https:\/\/www.crccdlex.com\/en\/wp-json\/wp\/v2\/crccd-news?post=3816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}