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Following up on our past posts on the transition away from the use of the London Interbank Offering Rate (“LIBOR”) as a reference rate, recently, the Board of Governors of the Federal Reserve System (FRB) issued a letter setting forth guidance for FRB examiners to assist in their assessment of the progress of FRB-supervised firms

On April 6, 2021, New York Governor Mario Cuomo signed into law legislation tackling the uncertainties surrounding the LIBOR transition, particularly for legacy contracts.

The new law amends the New York State General Obligations Law by adding a new Article 18-C, and is limited to contracts governed by New York law that are either silent

The Intercontinental Exchange, Inc. (“ICE”) recently released a consultation that the administrator of LIBOR, ICE Benchmark Administration Limited (“IBA”), requesting feedback on a decision to cease publication of the overnight, one-, three-, six- and twelve-month U.S. Dollar LIBOR (“LIBOR”). The previous expectation was that publication would stop at the end of 2021. It now appears

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the “Banking Agencies”) issued a statement (“Statement”) on November 6, 2020, regarding the upcoming discontinuation of LIBOR as a reference rate.

Referencing a recent statement on the LIBOR transition issued by

Introduction

On October 23, 2020, the International Swaps and Derivatives Association (“ISDA”) released the ISDA IBOR Fallbacks Protocol (“Protocol”) and a Supplement to the 2006 ISDA Definitions (“Supplement”). While the Supplement amends definitions to the 2006 ISDA Definitions, it only amends definitions for new contracts. The Protocol gives participants an opportunity to amend existing contracts.

With the potential end of LIBOR quickly approaching in only 16 months, the ARRC has been publishing many helpful resources to aid in the market’s transitions from LIBOR to SOFR, including multiple quick reference resource guides listed below.

As part of the ARRC’s Summer Series (a webinar series aimed at educating the public about SOFR

Following on our post discussing the ARRC’s publication of their 2020 Key Objectives, we mentioned that ARRC panned to release a set of recommended best practices. As promised, the ARRC has published guidance for Best Practices for Completing the Transition from LIBOR (“Best Practices Guidance”), along with an accompanying ARRC fact sheet,

Following on our post discussing the ARRC’s recommendations outlining a spread adjusting procedure, we mentioned that the ARRC planned to release a more detailed final recommendation of the spread adjustment methodology for cash products. On May 6, 2020, the ARRC released a supplemental consultation seeking further views on certain technical questions for the spread

Following up on our past posts on the transition away from the London Interbank Offering Rate (“LIBOR”), and other interbank offering rates (“IBOR”) denominated in other currencies, in this post, we discuss the ARRC key objectives for 2020 released by the Alternative Reference Rates Committee (“ARRC”), the group of private market participants advising the

Following up on our past posts on the transition away from the London Interbank Offering Rate (“LIBOR”), and other interbank offering rates (“IBOR”) denominated in other currencies, in this post, we discuss the proposal from the Alternative Reference Rates Committee (“ARRC”) consultation on fallback contract language for new variable rate private student loans.

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