News & Analysis as of

Libor Interest Rates Securities and Exchange Commission (SEC)

Goodwin

FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards

Goodwin on

Regulatory Developments - FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards - On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more

Cooley LLP

SEC staff speaks up on LIBOR transition

Cooley LLP on

Last week, the SEC staff issued a new statement on the LIBOR transition. LIBOR, the London Interbank Offered Rate, is a widely used reference rate calculated based on estimates submitted by banks of their own borrowing costs....more

Stinson - Corporate & Securities Law Blog

SEC Provides Public Companies Guidance on Upcoming LIBOR Expiration

The SEC issued a statement reminding public companies that on March 5, 2021, LIBOR’s regulator, the Financial Conduct Authority, and administrator, ICE Benchmark Administration, Limited, announced that the publication of the...more

ArentFox Schiff

Federal Law to the Rescue?

ArentFox Schiff on

Snidely Whiplash kidnaps Nell and, in the show’s opening, ties her to the railroad tracks to get even with his nemesis, Dudley Do-Right, of the famed Royal Canadian Mounted Police. Menacing music plays. In each episode,...more

ArentFox Schiff

Overlooked Issues for LIBOR Transition: Board Governance and Disclosure Requirements

ArentFox Schiff on

The focus on quantifying LIBOR exposure and related disclosure requirements may be a ‘red herring.’ The real issues are (i) whether the LIBOR transition is merely an excuse to change the effective interest rates of financial...more

Snell & Wilmer

LIBOR: The End is Nigh (Really!)

Snell & Wilmer on

LIBOR—the London Inter-bank Offered Rate—has been a key interest rate benchmark in commercial lending since the 1980s. LIBOR is derived from the interest rates at which major banks would lend to each other on a short-term...more

ArentFox Schiff

LIBOR Transition Comparison: US vs. UK (Focusing on Interdealer Brokers)

ArentFox Schiff on

As part of the ongoing transition from the London InterBank Offering Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) recommended by the Alternative Reference Rates Committee (ARRC) as an alternative rate, an...more

ArentFox Schiff

The End of LIBOR: The Twilight Zone™ Edition

ArentFox Schiff on

The United Kingdom’s Financial Conduct Authority announced the future cessation and loss of representativeness of worldwide LIBOR rates. Potential Detrimental Developments - Recent Events - On Friday, March 5,...more

King & Spalding

Can’t We All Just Get Along? Four Key Areas of Dispute in the Evolving Landscape of LIBOR Cessation Litigation

King & Spalding on

On November 30, 2020, parties to legacy LIBOR contracts breathed a collective sigh of relief as LIBOR’s administrator Intercontinental Exchange, Inc. (“ICE”) announced that US Dollar LIBOR would continue to be published until...more

King & Spalding

What Happened To My Interest Rate? Planning Now To Avoid Value Transfer And Other Risks Upon The Demise Of U.S. Libor

King & Spalding on

As the title suggests, U.S. LIBOR (LIBOR) is going away, with official announcements expected as soon as year-end 2020 of LIBOR’s December 31, 2021 demise. The end of LIBOR will be replete with a plethora of risks for banks,...more

Dechert LLP

SEC Publishes OCIE Risk Alert on LIBOR Transition Preparedness Examination Initiative

Dechert LLP on

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert on June 18, 2020 (Risk Alert), which introduces an examination initiative on the upcoming...more

Kramer Levin Naftalis & Frankel LLP

OCIE’s Risk Alert on LIBOR Transition Preparedness

In January 2020, the Office of Compliance Inspections and Examinations (OCIE) included London Interbank Offered Rate (LIBOR) preparedness as an examination program priority in its 2020 Examination Priorities (2020...more

Eversheds Sutherland (US) LLP

The heat is on - Regulators step up pressure to implement LIBOR transition plans

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

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

ArentFox Schiff

The End of Libor

ArentFox Schiff on

For a variety of reasons, as has been widely reported, LIBOR is to cease to be published by the end of 2021 and this expected elimination of the index upon which financing transactions are based raises serious tax and non-tax...more

Troutman Pepper

The End Of LIBOR: The Transition

Troutman Pepper on

The collective staffs of the Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets and the Office of the Chief Accountant issued a joint statement on the...more

Dechert LLP

SEC Staff Issues Statement on LIBOR Transition; Practical Considerations for Investment Companies, Investment Advisers and Other...

Dechert LLP on

The staffs of the Securities and Exchange Commission’s Division of Corporation Finance, Division of Investment Management (IM Division), Division of Trading and Markets, and Office of Chief Accountant (collectively, Staff) on...more

Cooley LLP

Blog: LIBOR phase-out: FASB to the rescue (sort of)

Cooley LLP on

You may recall that, for a while now, the SEC has been actively warning about risks associated with the LIBOR phase-out, which is expected to occur in 2021. LIBOR, the London Interbank Offered Rate, is a widely used...more

Dorsey & Whitney LLP

SEC Staff Publishes Statement on Risks of Transition Away from LIBOR

Dorsey & Whitney LLP on

As a continuation of our previous update on the phase-out of the London Interbank Overnight Rate (“LIBOR”) (April 30, 2019: What the LIBOR Phase-out Means for Debt Capital Market Participants), the Securities and Exchange...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Staff Encourages Proactive Approach to Libor Transition Issues

On July 12, 2019, the staff of the Division of Corporation Finance, Division of Investment Management, Division of Trading and Markets, and Office of the Chief Accountant (Staff) of the Securities and Exchange Commission...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.21.16

Robins Kaplan LLP on

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 1.28.16

Robins Kaplan LLP on

Tough news for UK prosecutors yesterday, with a jury fully acquitting all 6 former brokers of Libor manipulation charges for their work with Tom Hayes – NYTimes and WSJ and Law360... The Fed wrapped up its January...more

BakerHostetler

2015 Mid-Year Securities Litigation and Enforcement Highlights

BakerHostetler on

Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

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