Since publication of our Eye on IBOR Transition article in the Winter 2020 issue of the Mayer Brown Structured Finance Bulletin, IBOR transition activity has accelerated significantly, in large part due to (a) the effectiveness on 25 January 2021 of
Continue Reading “Racing” to the IBOR Transition Finish Line
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“Racing” to the IBOR Transition Finish Line
Since publication of our Eye on IBOR Transition article in the Winter 2020 issue of the Mayer Brown Structured Finance Bulletin, IBOR transition activity has accelerated significantly, in large part due to (a) the effectiveness on 25 January 2021 of
Continue Reading “Racing” to the IBOR Transition Finish Line
The Critical Benchmarks (References and Administrators’ Liability) Bill receives its first reading in the House of Lords
The UK Government passed the Financial Services Act 2021 (the “FS Act 2021”) on 29 April 2021, which amended the UK Benchmarks Regulation ((EU) 2016/1011) (the “UK BMR”), to provide the UK Financial Conduct Authority (the “FCA“) with new and
Continue Reading The Critical Benchmarks (References and Administrators’ Liability) Bill receives its first reading in the House of Lords
FCA Proposes to Require Publication of Synthetic GBP and JPY LIBOR for Specified Tenors
On 29 September 2021 the UK Financial Conduct Authority (“FCA”) published Consultation Paper CP21-29: Proposed decisions on the use of LIBOR (Articles 23C and 21A BMR), in which it set out its plans for the temporary publication of ‘synthetic’
Continue Reading FCA Proposes to Require Publication of Synthetic GBP and JPY LIBOR for Specified Tenors
The Critical Benchmarks (References and Administrators’ Liability) Bill receives its first reading in the House of Lords
The UK Government passed the Financial Services Act 2021 (the “FS Act 2021”) on 29 April 2021, which amended the UK Benchmarks Regulation ((EU) 2016/1011) (the “UK BMR”), to provide the UK Financial Conduct Authority (the “FCA”) with new and
Continue Reading The Critical Benchmarks (References and Administrators’ Liability) Bill receives its first reading in the House of Lords
HKMA Circular on Term SOFR, new USD LIBOR-linked contracts after 2021, and stepping up surveillance of AI readiness
On 19 August 2021, the Hong Kong Monetary Authority (“HKMA”) issued Circular B1/15C to all authorised institutions (“AIs”) with the following updates on recent developments on the reform of interest rate benchmarks.
Continue Reading HKMA Circular on Term SOFR, new USD LIBOR-linked contracts after 2021, and stepping up surveillance of AI readiness
A Closer Look at the Adjustable Interest Rate (LIBOR) Act of 2021
The version of the proposed federal Adjustable Interest Rate (LIBOR) Act of 2021 that was introduced in the House of Representative in 2020 mirrored, with a handful of notable exceptions, both the substance and the text of the analogous New
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Voting With or Dragging Their Feet (Depending on Your Viewpoint): US Loan Markets Continue to Show Interest in Credit-Sensitive Alternatives to SOFR
Despite recent regulatory “encouragement” to adopt SOFR as “preferred” by the Alternative Reference Rates Committee (ARRC), we continue to observe credit agreements in the US loan markets that use a credit-sensitive alternative rate (CSR) to SOFR.
It’s Here! The ARRC Formally Recommends CME Group’s SOFR Term Rate
On 29 July 2021, the Alternative Reference Rates Committee formally recommended the forward-looking SOFR term rates published by CME Group. As reported in our earlier blog post, Almost Time for Term SOFR, the rate is recommended for use
Continue Reading It’s Here! The ARRC Formally Recommends CME Group’s SOFR Term Rate
Almost Time for Term SOFR
On 21 July 2021, the U.S. Alternative Reference Rates Committee (“ARRC”) announced the publication of conventions and use cases for employing Term SOFR, as produced by CME Group, in transitioning loan products away from LIBOR. Although the ARRC has
Continue Reading Almost Time for Term SOFR