News & Analysis as of

Libor Financial Instruments

Cadwalader, Wickersham & Taft LLP

Latest CFTC Action on LIBOR Transition

In its last regulatory action for 2022, on December 23, the U.S. Commodity Futures Trading Commission (“CFTC”) published its staff no-action letter No. 22-21 (“NAL”) allowing commodity brokers – Futures Commission Merchants...more

Holland & Knight LLP

Libor Steaming Toward June 2023 Transition

Holland & Knight LLP on

The U.S. dollar London Interbank Offered Rate (Libor) publication is scheduled to end by June 30, 2023. With roughly nine months to go as of this writing, parties still have time to make modifications to existing debt...more

Cadwalader, Wickersham & Taft LLP

ARRC Publishes LIBOR Legacy Playbook

On July 11, 2022, the Alternative Reference Rates Committee (the “ARRC”) published a “Playbook” to assist market participants in transitioning their legacy LIBOR contracts to an alternative rate by June 30, 2023.  The...more

Cadwalader, Wickersham & Taft LLP

United States Courts Possess Personal Jurisdiction over Foreign Banks in Ongoing LIBOR Case

The United States Supreme Court denied a petition for certiorari filed by six foreign banks that argued that U.S. courts lacked personal jurisdiction over them. (Lloyd’s Banking Group. PLC  v. Schwab Short-Term Bond Market...more

Hogan Lovells

Banking and finance regulatory news, March 2021 # 5

Hogan Lovells on

Depositor protection identity verification: PRA PS4/21 - Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more

A&O Shearman

EU Working Group on Risk-Free Rates Publishes Report on Liquidity in EONIA transition

A&O Shearman on

The EU Working Group on Risk-Free Rates has published a report setting out recommendations for the transition of financial products from EONIA to the Euro Short-Term Rate (€STR). The recommendations aim to ensure liquidity in...more

Orrick, Herrington & Sutcliffe LLP

The LIBOR Transition – What a Legacy!

While there are many challenges associated with the prospective LIBOR transition at the end of 2021, one of the most daunting challenges has to be the impact of the prospective transition on outstanding financings and other...more

Mayer Brown Free Writings + Perspectives

AICPA Conference Comments on LIBOR

We previously blogged about the recent AICPA conference. At the conference, representatives from the Office of Chief Accountant also shared some views regarding the discontinuation of LIBOR. The Staff of the OCA joined in the...more

Orrick, Herrington & Sutcliffe LLP

Tax Relief for Replacing LIBOR in Tax-Exempt Debt and Swaps

Many tax-exempt bonds and related hedges, such as interest rate swaps ("Exempt Instruments"), use a LIBOR-based interest rate. LIBOR is going away, and existing Exempt Instruments are going to have to be modified to replace...more

Proskauer - Tax Talks

LIBOR Transition: U.S. Tax Guidance From the IRS

Proskauer - Tax Talks on

The U.S. tax authorities have issued substantial guidance related to the phase-out of LIBOR – relevant to lenders, borrowers and parties to financial instruments of virtually every type. In proposed regulations (“the...more

Troutman Pepper

Tax Relief May Be Ahead for Market Participants Transitioning Away From LIBOR

Troutman Pepper on

Tax relief may be coming for issuers and holders of debt instruments and parties to derivatives and other financial contracts governed by LIBOR (the London Interbank Offered Rate). ...more

Stinson - Corporate & Securities Law Blog

FASB Issues Exposure Draft on LIBOR Transition

FASB has issued a proposed Accounting Standards Update, or ASU, to provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial...more

Bass, Berry & Sims PLC

Managing LIBOR Transition

Bass, Berry & Sims PLC on

The Staff of the Securities and Exchange Commission (the Staff) issued a Public Statement regarding the probable transition away from the London Inter-bank Offered Rate (LIBOR) after December 31, 2021, as a result of the...more

Orrick, Herrington & Sutcliffe LLP

LIBOR Transition: Takeaways from the Benchmark Rates Series Benchmark Rates Forum New York

Presenters at the Benchmark Rates Forum from KPMG, Bank of America Merrill Lynch, NatWest Markets, Wells Fargo, JP Morgan, TD Securities, RBS, Santander, Société Générale, UBS, the Federal Home Loan Bank of New York, the...more

Orrick, Herrington & Sutcliffe LLP

Takeaways from the June 3 ARRC Roundtable

I attended the recent ARRC roundtable discussion on the LIBOR to SOFR transition and was struck by the tenor of urgency in the discussion – urgency to begin operational preparations for the transition; urgency to inventory...more

Orrick, Herrington & Sutcliffe LLP

LIBOR . . . Coming to an End?

LIBOR is the reference rate for hundreds of trillions of dollars in financial contracts, ranging from syndicated loans, floating rate bonds and notes, to individual home mortgages, consumer and student loans, and other simple...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Some analysis of last week’s jobs report, including thoughts on why a sub-4% unemployment rate poses a problem for a Fed still set on a slow and steady rate hike plan....more

Patterson Belknap Webb & Tyler LLP

Banks Speak: LIBOR Plaintiffs Are Not Efficient Enforcers Of Antitrust Laws

As our loyal readers know, on May 23, 2016, the Second Circuit issued a decision in the In re: LIBOR-Based Financial Instruments Antitrust Litigation vacating the District Court’s prior decision dismissing one case in this...more

BakerHostetler

Second Circuit Resurrects LIBOR Antitrust Case Against Bank Defendants, But Reprieve May Be Short-Lived

BakerHostetler on

On May 23, 2016, the Second Circuit breathed new life into the class action case against 16 banks belonging to the British Bankers’ Association (the Banks), vacating the Southern District of New York’s dismissal of the case...more

McDermott Will & Emery

European Commission Proposes Measures to Restore Confidence in Benchmarks

McDermott Will & Emery on

On 18 September 2013, the European Commission (the Commission) published a draft proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts (the Regulation). The Regulation will...more

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