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Global and US financial services regulators are increasing their warnings on the impending end to the use of the London Interbank Offering Rate (LIBOR) as a reference rate in financial contracts and the risk to the global financial system if there is inadequate preparation by financial institutions. Most LIBOR settings are ending this year, with

The U.S. Senate and House of Representatives have jointly proposed overturning the Trump Administration’s “True Lender” final rule (the “True Lender Rule”), as published by the Office of the Comptroller of the Currency (the “OCC”) on October 30, 2020 and effective December 29, 2020. The Congressional Review Act (the “CRA

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

On Friday, March 5, 2021, the US Alternative Reference Rates Committee (ARRC), the group of private sector and government agencies working on alternatives to the end of the use of LIBOR, issued a press release commending the issuances by ICE Benchmark Administration (IBA), the LIBOR administrator, and the UK Financial Conduct Authority (FCA), confirming that

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

As we discussed in our October blogpost “Advances in New York City PACE programs,” the New York City Department of Finance (“NYCDOF”) has published for comment proposed rules that would establish criteria and program guidelines for the New York City Commercial Property Assessment Clean Energy (“C-PACE”) Program. The proposed rules establish eligibility criteria

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

When the use of LIBOR as a reference rate in financial contracts is phased out at the end of 2021, those contracts currently utilizing LIBOR may face costly litigation, renegotiation and market disruption.

On October 28, 2020, New York State Senate Bill S9070 (“S9070”) was introduced and is intended to possibly pre-empt much of that