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The End of LIBOR

On March 5, 2021, the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and International Swaps and Derivatives Association (ISDA) made important announcements regarding the timelines of the cessations...more

LIBOR Benchmark Administrator to Cease Publication of One-Week and Two-Month U.S. Dollar LIBOR on Dec. 31, 2021, and the Remaining...

On Nov. 30, 2020, Intercontinental Exchange, Inc. announced that ICE Benchmark Administration Limited (IBA) is proposing the cessation of the publication of  the one-week and two-month U.S. dollar LIBOR on Dec. 31, 2021, and...more

FSB and BCBS Report on Supervisory Issues Associated With Benchmark Transition

On July 9, the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS) published a report on the findings of surveys on supervisory issues related to LIBOR transition undertaken by the FSB, the...more

OCIE’s Risk Alert on LIBOR Transition Preparedness

In January 2020, the Office of Compliance Inspections and Examinations (OCIE) included London Interbank Offered Rate (LIBOR) preparedness as an examination program priority in its 2020 Examination Priorities (2020...more

ARRC Releases Proposal for New York State Legislation for US Dollar LIBOR Contracts

On March 6, 2020, the Alternative Reference Rates Committee (ARRC) convened by the Federal Reserve Board and the Federal Reserve Bank of New York released a proposal for New York State legislation that is intended to reduce...more

New York State Department of Financial Services Requires Regulated Institutions Submit Plans for Managing LIBOR Discontinuation...

On Dec. 23, 2019, the New York State Department of Financial Services (DFS) issued a letter to New York-regulated depository and non-depository institutions, insurers and pension funds directing them to submit their plans for...more

SEC Issues Statement on LIBOR Transition

On July 12, the staffs of the Division of Corporation Finance, Division of Investment Management, Division of Trading and Markets, and Office of the Chief Accountant (the “Staffs”) of the Securities and Exchange Commission...more

ARRC Details Fallback Language for Floating Rate Notes and Syndicated Loans

The Alternative Reference Rates Committee (ARRC) issued a press release detailing recommended fallback language for floating rate notes and syndicated loans....more

LIBOR Replacement to Begin Publication

The Alternative Reference Rate Committee (ARRC) of the New York Federal Reserve Bank announced that the Secured Overnight Financing Rate (SOFR), a broad Treasury repo financing rate that is the ARRC’s recommended alternative...more

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