On 5 March 2021, the UK Financial Conduct Authority (FCA) and the administrator of LIBOR, ICE Benchmark Administration (IBA) each made important announcements for parties to instruments or other contracts referencing LIBOR. ...more
On November 30, 2020, Intercontinental Exchange, Inc. (ICE) announced that the ICE Benchmark Administration Limited (IBA), a wholly-owned subsidiary of ICE and the administrator of LIBOR, will consult in early December 2020...more
As we have previously reported, in July 2017, the UK Financial Conduct Authority announced that it would no longer use its legal powers to persuade or compel contributing banks to make the transaction data submissions...more
Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from LIBOR. On December 23, 2019, the New York State Department of Financial Services...more
1/13/2020
/ Alternative Reference Rates Committee (ARRC) ,
Audit Committee ,
Banking Sector ,
Benchmarks ,
Broker-Dealer ,
CFTC ,
Compliance ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Form 10-K ,
Form 10-Q ,
Insurance Industry ,
Interest Rates ,
Investment Adviser ,
Investment Funds ,
ISDA ,
Libor ,
NYDFS ,
Prudential Regulation Authority (PRA) ,
Publicly-Traded Companies ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC)
On September 19, 2018, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA Benchmarks Supplement, which allows adhering entities to amend the contractual triggers and fallbacks of...more
Dramatic changes are on the horizon for the most widely used benchmarks for interest, investment and derivatives rates: the London Interbank Offered Rate (LIBOR) for various currencies. Notwithstanding efforts by regulators...more
8/21/2018
/ Banking Sector ,
Benchmarks ,
EU Benchmark Regulation ,
Financial Conduct Authority (FCA) ,
Interest Rates ,
ISDA ,
ISDA Master Agreement ,
Libor ,
Regulatory Agenda ,
Secured Overnight Funding Rate (SOFR) ,
UK
The requirement that non-cleared swaps be fully margined, which is one of the last pillars of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), will take effect for “financial end-users”...more
On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their...more
On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master...more
There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more
Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act (Dodd-Frank), the Commodity Futures Trading Commission (CFTC) has adopted a number of final regulations that require swap dealers (SDs)...more
On December 18, the Commodity Futures Trading Commission (CFTC), by private vote, adopted interim final rules (Interim Final Rules) to amend the compliance dates for previously issued final rules that establish external...more