On November 18, 2020, ICE Benchmark Administration (“IBA”), the authorized administrator of LIBOR regulated by the UK Financial Conduct Authority (“FCA”), announced that it will consult on its intention to cease publication of all tenors of euro, sterling, Swiss franc
On 12 November 2020, the Asia Pacific Loan Market Association (“APLMA”) published two discussion draft facility agreements (the “Facility Agreements”) referencing risk-free reference rates (“RFRs”) for US dollar syndicated loan transactions in the Asia Pacific region. Until recently, there has
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) released an Interagency Statement on Reference Rates for Loans on November 6, 2020,
In a detailed 25-page memorandum to U.S. prudential banking regulators,[1] the Alternative Reference Rates Committee detailed concerns regarding the transition from LIBOR to SOFR and possible effects on current U.S. bank regulatory capital and liquidity requirements. In the memorandum,
On October 28, 2020, New York State Senator Kevin Thomas introduced Senate Bill S9070, which would add a new Article 12 to New York’s Uniform Commercial Code that substantially adopts the language from the proposed legislative solution produced by
The UK Government released its promised[1] draft legislation, Financial Services Bill 200, on October 20, 2020,[2] to assist the ‘tough legacy’ issue for certain LIBOR-referencing contracts by providing the UK’s Financial Conduct Authority with new and enhanced
As everyone knows by now, with the demise of LIBOR and other IBORs, insurance companies, banks, and a wide range of other financial institutions are faced with identifying, reviewing, and remediating all active contracts that reference an IBOR rate. Many
Sterling RFR Working Group Summary Papers
On 16 October, the Working Group on Sterling Risk-Free Reference Rates (“RFRWG”) announced the publication of two documents in their ongoing work to inform and ease the path of transition from IBORs. The papers
On 16 October, the Loan Market Association (“LMA”) published an updated version of a list that sets out the near risk-free rate (“RFR”) referencing loans which have been announced to date. The list is based on publicly available information and
On 21 September 2020, Steven Maijoor, Chair at the European Securities and Markets Authority (“ESMA”), delivered a speech at City Week 2020 in London. He gave a summary of the most recent and upcoming steps with regard to the implementation
