News & Analysis as of

Libor Financial Services Industry

Cadwalader, Wickersham & Taft LLP

Quick Updates From the UK and Europe

There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights. The EU has renewed its determination that the solvency regime for US-headquartered insurers and...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

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Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Cadwalader, Wickersham & Taft LLP

Benchmarks Beyond January 2024 - 2024 Update on the Cessation of CDOR and SIBOR

As we kick off 2024, the focus on the unavailability of certain benchmarks continues on. To refresh, we have already seen the benchmark for US Dollars generally replaced with the Secured Overnight Financing rate as...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Mortgage

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information. ...more

ArentFox Schiff

The End of LIBOR: Hotel California Edition (Part I)

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Although July 3 was the first business day on which no USD LIBOR was published, many financial instruments will not reset until the next reset date, based upon the tenor of each instruments’ underlying benchmark, which could...more

Cadwalader, Wickersham & Taft LLP

Bye-bye BSBY?

Earlier this week, Bloomberg Information Services Limited (“BISL”) announced that it is seeking feedback on a proposal to cease the publication of the Bloomberg Short-Term Bank Yield Index (“BSBY”) “following a review of...more

White & Case LLP

Repos in Islamic Finance – 2

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1. Repos in the Islamic market - In our article titled "Repos in Islamic Finance"1 we concluded that Shari'ah-compliant repurchase transactions ("Repos") could play a useful role as a liquidity management instrument to...more

Holland & Knight LLP

ANH Colombia publica Acuerdo 3 de 2023: Cambio tasa LIBOR por SOFR

Holland & Knight LLP on

La Agencia Nacional de Hidrocarburos (ANH) de Colombia expidió el Acuerdo 3 de 2023 el 19 de julio de 2023, "por el cual se adoptan medidas para mitigar los efectos adversos ocasionados por el cambio de la tasa de interés...more

Proskauer Rose LLP

Regulation Round Up - July 2023

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31 July - ESG: The European Commission adopted a Commission Delegated Regulation, setting out the first set of European Sustainability Reporting Standards (“ESRS”), together with a Q&A (see press release). The ESRS specify...more

Cadwalader, Wickersham & Taft LLP

Happy FFFourth! June 2023 - A LIBOR Commencement Speech

The London Interbank Offered Rate (LIBOR) will stop being published on the basis of panel bank quotes and will be replaced by alternative replacement rates after today. In the spirit of the season, below is the commencement...more

Cadwalader, Wickersham & Taft LLP

A LIBOR Commencement Speech

The London Interbank Offered Rate (LIBOR) will stop being published on the basis of panel bank quotes and will be replaced by alternative replacement rates after June 30, 2023. In the spirit of the season, below is the...more

Sullivan & Worcester

Drawing the line – Where are we now on USD LIBOR transition in the trade finance sector?

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Jacqueline Cook, Of Counsel and Larissa Head, Trainee Solicitor, provide an update on the transition away from USD LIBOR with the deadline of 30 June 2023 upon us. What do market participants in the trade finance industry...more

Ballard Spahr LLP

Term SOFR Hedges: The Price of Perfection

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Summary - As a result of the shift from LIBOR to the Secured Overnight Finance Rate (SOFR), borrowers who use interest rate swaps or options to manage interest rate risk may be asked to pay extra to maintain a hedge under...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 5, May 2023

Survey Finds Small-Business Lending Fraud on Rise - “Lending fraud with small and midsize businesses has increased significantly over the last 12 months, and many financial institutions expect it to get worse, according to...more

Hudson Cook, LLP

CFPB Bites of the Month - May 2023 - May I Have Another, CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the May 2023 webinar....more

Paul Hastings LLP

Ticking Fees Trends in the U.S. Loan Market

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Ticking fees for extended commitment periods (often over at least 4 to 6-months) have long been a feature of committed financings in the U.S. loan market. Such fee structures were initially most common in syndicated deals,...more

Ballard Spahr LLP

CFPB and federal banking agencies issue joint statement on LIBOR transition; CFPB issues interim final rule on discontinuation of...

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Last week, the CFPB, together with the Federal Reserve Board (Board), FDIC, OCC, and NCUA, issued a “Joint Statement on Completing the LIBOR Transition.” The agencies issued the statement to remind supervised institutions...more

Orrick, Herrington & Sutcliffe LLP

Rates committee approves SOFR best practices

On April 21, the Alternative Reference Rates Committee (ARRC) announced the endorsement of the CME Group’s Term SOFR rates, which ARRC formally recommended in 2021 (covered by InfoBytes here). The ARRC endorsement recommended...more

Orrick, Herrington & Sutcliffe LLP

Agencies release statement on LIBOR sunset; CFPB amends Reg Z to reflect transition

On April 26, the CFPB joined the Federal Reserve Board, FDIC, NCUA, and OCC in issuing a joint statement on the completion of the LIBOR transition. (See also FDIC FIL-20-2023 and OCC Bulletin 2023-13.) According to the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2023

FDIC and OCC Issue Guidance on Authorize Positive, Settle Negative Overdraft Fee Risks. The FDIC and the OCC each have issued supervisory guidance on consumer compliance risk exposure related to the assessment of overdraft...more

Cadwalader, Wickersham & Taft LLP

What Are the Alternatives? April 2023 - Current State of Play of Alternative Currency Benchmark Rates

As we finish the last season of LIBOR replacement, the fund finance market is busy amending our loan documents to include SOFR as the interest rate benchmark for U.S. dollar loans. While the cessation date for USD LIBOR is...more

Cadwalader, Wickersham & Taft LLP

Springing into Q2 April 2023 - LIBOR Transition Update: Synthetic LIBOR Is Here

Back in March of 2021, we covered a number of developments pertaining to the end of LIBOR that came out of certain announcements made early that month by the Intercontinental Exchange Benchmark Administration (the “IBA”),...more

Cadwalader, Wickersham & Taft LLP

FCA Compels the Publication of ‘Synthetic’ USD LIBOR

After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority (“FCA”). The FCA said that the “synthetic”...more

Mayer Brown Free Writings + Perspectives

FCA Synthetic LIBOR Announcement

On April 3, 2023 the U.K. Financial Conduct Authority (“FCA”) announced that it will require the administrator of U.S. dollar LIBOR to continue to publish one, three and six-month U.S. dollar LIBOR settings until September...more

Baker Donelson

What Recently Finalized Regulation ZZ Means for LIBOR-Based Commercial Financing Contracts When LIBOR Sunsets

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The well-publicized sunset of the London Interbank Offered Rate (LIBOR), the adjustable interest rate benchmark referenced in trillions of dollars' worth of contracts, is happening this summer. After June 30, 2023, U.S....more

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