On April 6, 2021, New York Governor Andrew Cuomo signed into law the New York State Legislature’s Senate Bill 297B/Assembly Bill 164B (the New York LIBOR Legislation), strengthening the groundwork for the forthcoming...more
5/6/2021
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Contracts Clause ,
Federal Reserve ,
Governor Cuomo ,
Interest Rates ,
Legacy Contracts ,
Libor ,
New Legislation ,
Preemption ,
Safe Harbors ,
Secured Overnight Funding Rate (SOFR) ,
Trust Indenture Act
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
As we have previously reported, in July 2017, the UK Financial Conduct Authority announced that it would no longer use its legal powers to persuade or compel contributing banks to make the transaction data submissions...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)
Earlier this month, staff of the Securities and Exchange Commission (SEC) published guidance that encourages market participants to move away from LIBOR (the Staff Statement). The interest benchmark rate is expected to...more
7/29/2019
/ Asset-Backed Securities ,
Broker-Dealer ,
Collateralized Debt Obligations ,
Disclosure Requirements ,
FASB ,
IASB ,
Investment Adviser ,
Libor ,
Market Participants ,
Mortgage-Backed Securities ,
New Guidance ,
Publicly-Traded Companies ,
Regulation S-K ,
Risk Management ,
Securities and Exchange Commission (SEC)
On September 19, 2018, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA Benchmarks Supplement, which allows adhering entities to amend the contractual triggers and fallbacks of...more
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