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CFTC Seeks Comments on Use of AI in Derivatives Markets

The Commodity Futures Trading Commission (CFTC) has issued a request for comment (RFC) seeking public input on the use of artificial intelligence (AI) in CFTC-regulated markets. The RFC – distributed jointly by the CFTC's...more

ISDA Publishes Standardized Clauses for Sustainability-Linked Derivatives

The International Swaps and Derivatives Association (ISDA) has published a new ISDA SLD Clause Library (SLD Provisions) containing standardized clauses and definitions for use in sustainability-linked derivatives (SLDs). The...more

Governor Signs Amendment to New York Remote Online Notarization Bill

New York Gov. Kathy Hochul signed Senate Bill 7780 on Feb. 25, 2022. The new law makes significant updates to Senate Bill 1780C, the prior RON bill. ...more

Summary of Florida's Libor Discontinuance Law

The London Interbank Offered Rate's (Libor) regulator, the Financial Conduct Authority, and administrator, Intercontinental Exchange Benchmark Administration (ICE), on March 5, 2021, announced that the publication of the...more

New York Remote Online Notarization Bill Signed Into Law

New York Gov. Kathy Hochul signed Senate Bill 1780C on Dec. 22, 2021, which allows the state's notaries to conduct remote online notarizations (RON). The law is slated to be effective on June 20, 2022. New York joins more...more

CFPB Issues Final Libor Transition Rules

The Consumer Financial Protection Bureau (the Bureau) has issued final regulations (Final Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market and to...more

FCA Announces Future Cessation and Non-Representativeness of Libor Benchmarks

As widely expected, the United Kingdom's Financial Conduct Authority (FCA), the regulator for Libor (the London Interbank Offered Rate), has issued an announcement confirming that all 35 Libor benchmark settings currently...more

Libor Discontinuation: Update for Floating Rate Borrowers

This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. ...more

Libor Administrator Proposes Extending Timeline for Discontinuing Some U.S. Dollar Benchmarks

The Intercontinental Exchange (ICE) Benchmark Administration (IBA), which is the administrator of the London Interbank Offered Rate (Libor), announced on Nov. 30, 2020, that it will consult in early December on its intention...more

A Closer Look at ISDA's New 2020 IBOR Fallbacks Protocol and Amendments to 2006 Definitions

The International Swaps and Derivatives Association Inc. (ISDA) has published its long-awaited 2020 IBOR Fallbacks Protocol (the Protocol) and related Amendments to the 2006 ISDA Definitions (the Amendments). These documents,...more

ARRC Issues Updated Recommended Fallback Language for Libor Bilateral Business Loans

The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee (ARRC) in 2014 to develop an alternative rate and conversion methodology for the...more

CFPB Issues Proposed Libor Transition Rules

The Consumer Financial Protection Bureau (the Bureau) has issued proposed regulations (Proposed Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market, and...more

Libor Index Discontinuance: Impact on Residential Adjustable-Rate Mortgages

The New York Federal Reserve Bank's Alternative Reference Rates Committee (ARRC) released its recommendations on Nov. 15, 2019, regarding the London Interbank Offered Rate Index (Libor Index) fallback language for new...more

Treasury Department, IRS Issue Proposed Rules on Tax Impact of Transition from Libor

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly issued proposed regulations (Proposed Regulations) to address concerns and reduce uncertainty regarding the tax impact of the anticipated...more

ISDA Publishes Consultation on USD Libor Fallbacks for Derivatives

• The International Swaps and Derivatives Association Inc. (ISDA) is soliciting market feedback on methodology for determining fallback to the Secured Overnight Financing Rate (SOFR) upon U.S. Dollar Libor (USD Libor)...more

Summary of ARRC's Libor Fallback Proposal for Floating Rate Notes

• The Alternative Reference Rates Committee (ARRC) recently released proposed fallback language for Libor-based floating rate note (FRN) transactions in anticipation of the cessation of Libor in 2021. • The board of...more

Recent Ruling Against Puerto Rico Revenue Bondholders Causes Waves in U.S.

• The U.S. Court of Appeals for the First Circuit has upheld a controversial ruling by a U.S. District Court in a case involving special revenue bonds issued by the Puerto Rico Highway Transportation Authority (PRHTA). • The...more

Pennsylvania Proposes Restrictions on Municipal Interest Rate Swaps

• New legislation has been proposed in Pennsylvania imposing specific restrictions and parameters on interest rate swaps entered into by certain cities, counties and municipal authorities in the Commonwealth, and imposing new...more

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