US CFTC Issues Further Technical No-Action Relief and Guidance for LIBOR 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.

TCFD: Preparing for Mandatory Reporting

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.

IBOR Transition

The transition from LIBOR to alternative benchmark interest reference rates is shaping up to be one of the most fundamental changes to the financial services industry in recent times. LIBOR is used in more than $300 trillion of mortgages, commercial loans, bonds and derivatives.