Several remarks and releases by public officials and significant regulatory bodies in the first weeks of November garnered significant attention by financial institutions trying to discern next steps in the wind-down of USD LIBOR.
Continue Reading Signals or Noise in November for LIBOR Transition?
Legacy LIBOR Products
UK Financial Services Bill: Amendments to the Benchmarks Regulation to support LIBOR transition
By LIBOR Transition Team on
On October 21, 2020, the UK Government introduced the Financial Services Bill (the Bill) to Parliament. The Bill is seen as a vital step towards ensuring the UK’s continued status as a global finance hub in the post-Brexit world, and it also introduces the UK Government’s legislative fix for LIBOR-referencing contracts that face insurmountable barriers in the transition from LIBOR (“tough legacy contracts”), as announced in June and discussed in our earlier update.
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Continue Reading UK Financial Services Bill: Amendments to the Benchmarks Regulation to support LIBOR transition
ARRC Releases Proposal for New York State Legislation for U.S. Dollar LIBOR Contracts
By Barlow T. Mann on
On March 6, 2020, the ARRC released a proposal for New York State Legislation, which the ARRC states is intended to minimize legal uncertainty and adverse economic impacts associated with LIBOR transition.
According to the ARRC, the proposed legislation would: (i) prohibit a contract party from refusing to perform its contractual obligations or declaring a…