On 28 July 2021, the FICC Markets Standards Board (FMSB) published the finalised Standard on use of Term SONIA reference rates. The Standard was initially published as a Transparency Draft on 24 March 2021. Certain minor changes have been made to the final Standard in response to comments received during the Transparency Period, such as clarifying the relationship between the Standard and applicable benchmark regulations. However, the FMSB Working Group determined that no changes were required to be made to the proposed ‘use cases’ for Term SONIA.