On 11 March 2021, the FCA updated its UK EMIR News webpage by adding a new section covering the approach to reporting references to LIBOR in OTC derivatives contracts under EMIR. The FCA states that it

expects modification messages to be reported for contracts when a fallback is triggered and applies. The FCA adds that this applies to all agreed terms that result in an alternative rate applying in place of LIBOR, including:

• Fallbacks agreed on a bespoke basis.
• Fallbacks that take effect as a result of ISDA’s 2020 IBOR Fallbacks documents.

While the FCA expects firms to make the necessary preparations to ensure the relevant UK EMIR reports are updated in a timely manner, it will apply its supervisory powers for this requirement in a proportionate and risk-based manner.