Homestretch to December 31, 2021, and the end of LIBOR? Not so fast.
All the relevant regulators and other authorities clearly indicated for some time that USD LIBOR would no longer be available after December 31, 2021,...more
The Financial Conduct Authority (“FCA”), the UK regulator of LIBOR, announced several years ago that it would no longer compel panel banks to provide LIBOR quotes after December 31, 2021. The FCA also stated in March of this...more
The reference rate provided by selected panel banks to the LIBOR administrator, ICE Benchmark Administration (IBA) and that is used to establish interest rates on many loans, notes, bonds and other financings, derivatives,...more
2/24/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Consumer Financial Products ,
Contracts Clause ,
Derivatives ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financing ,
Interest Rates ,
Libor ,
Loans ,
Secured Overnight Funding Rate (SOFR) ,
UK
As noted in our Financial Industry Alert published on January 17, 2020, one of the most daunting challenges for the forthcoming transition from LIBOR to an alternative reference rate has to be the impact of the prospective...more
2/7/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Constitutional Challenges ,
Consumer Lenders ,
Contract Terms ,
Contracts Clause ,
Due Process ,
Financial Services Industry ,
Interest Rates ,
ISDA ,
Libor ,
Opt-Outs ,
Secured Overnight Funding Rate (SOFR) ,
Sveen v Melin ,
UK
While there are many challenges associated with the prospective LIBOR transition at the end of 2021, one of the most daunting challenges has to be the impact of the prospective transition on outstanding financings and other...more
1/21/2020
/ Alternative Reference Rates Committee (ARRC) ,
Financial Institutions ,
Financial Instruments ,
Interest Rates ,
Legacy Contracts ,
Libor ,
Regulatory Oversight ,
Regulatory Standards ,
Remediation ,
Risk Assessment ,
Transitional Arrangements ,
Triggering Event