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
Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from the London Interbank Offered Rate (LIBOR). The New York State Department of Financial...more
2/13/2020
/ Asset Management ,
Banking Sector ,
Banks ,
Broker-Dealer ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Adviser ,
Libor ,
NYDFS ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Transitional Arrangements
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 August 20, 2019, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) approved amendments to the regulations implementing Section 13 of the Bank Holding Company Act,...more
8/25/2019
/ Amended Regulation ,
Bank Holding Company ,
Banking Sector ,
FDIC ,
Federal Reserve ,
Final Rules ,
Hedging ,
NPRM ,
OCC ,
Proprietary Trading ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
Volcker Rule
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
Last week, the Commodity Futures Trading Commission (CFTC) and European regulators announced that they have reached agreement on a “common approach” regarding requirements for central counterparties (CCPs) (i.e.,...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