On 19 July 2022, the Federal Reserve Board (the “Board”) published a notice of proposed rulemaking – Regulation Implementing the Adjustable Interest Rate (LIBOR) Act, as it was required to do by Section 110[1] of the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”),[2] which was signed into law on 15 March 2022.
Financial institutions in Australia, the US and Europe have for years used LIBOR as a common benchmark for various adjustable-rate loan products. This is set to change in 2022 as LIBOR is effectively phased out. Mayer Brown partners Amanda Baker, Stuart Litwin and Jon Van Gorp explore preparedness for the transition.
On December 22, 2021, in response to a request from the Alternative Reference Rate Committee (ARRC) and a further request from the Futures Industry Association (FIA), the United States Commodity Futures Trading Commission (CFTC) issued five technical no-action letters providing additional, and extending existing, time-limited, no-action relief and guidance for certain London Interbank Offered Rate (LIBOR) transition matters.
On December 9, 2021, Finance partner Paul Forrester (Chicago) will speak on, and FSRE associate Matt Bisanz will moderate, an ABA webinar on the transition from LIBOR to alternative benchmark interest reference rates.
The latest issue of Mayer Brown’s IBOR Transition Digest—a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates.
In this latest webinar in our IBOR Transition series, we will discuss the recent New York LIBOR legislation and analyze some of the key litigation risks that the cessation of LIBOR presents in spite of such legislation.
In this latest in our LIBOR Transition series, Mayer Brown Partner Ash McDermott and UK Finance LIBOR Transition Director Daniel Cichocki will focus primarily on the impact of recent announcements and development on market participants.
In this latest webinar in our IBOR Transition series, we will reflect the impact of recent developments for derivative based products.
In this latest webinar in our IBOR Transition series, we will reflect on the recent IBA and FCA announcements on the cessation of LIBOR.
David Duffee and Jennifer Kratochvil discuss ICE Benchmark Administration’s (IBA) consultation on the cessation of US dollar LIBOR settings, and the related guidance from the US bank regulators, and what all of that means for the US dollar loan market.
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“Mayer Brown” and the Mayer Brown logo are trademarks of Mayer Brown.
Attorney Advertising. Prior results do not guarantee a similar outcome.
