With USD LIBOR expected to end on June 30, 2023, there are numerous legal and financial implications to consider, especially as the pace of remediation of leveraged loans (and other commercial loans) needs to progress further...more
Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following: -
‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives -
1-Month and...more
The death of the London InterBank Offered Rate (LIBOR) in the US may involve its coming back to life through ‘Zombie’ LIBOR.
A parallel resurrection occurred in connection with Yen LIBOR and Pound LIBOR on New Year’s Eve...more
LIBOR Relief Included In Appropriations Bill -
New York Law Concerns -
The New York law enacted in April 2021 provides the ‘Get Out of Jail’ card[2] for banks from litigation relating to the LIBOR (London InterBank...more
4/15/2022
/ Alternative Reference Rates Committee (ARRC) ,
Appropriations Bill ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Food and Drug Administration (FDA) ,
Interest Rates ,
IRS ,
Libor ,
Loans ,
New Legislation ,
Secured Overnight Funding Rate (SOFR)
According to government regulators across the globe, everyone should have been acting to slow USD LIBOR use for the next six weeks. Except, of course, for the next six weeks…
UK FCA Announcement-
It is now official –...more
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
11/4/2021
/ Alternative Reference Rates Committee (ARRC) ,
CFTC ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Interest Rates ,
ISDA ,
Libor ,
NCUA ,
Proposed Legislation ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Trust Indenture Act ,
UK
Although this article is focused on tax-exempt debt, the tax ramifications of the LIBOR transition are not limited to the municipal finance world, and the elimination of LIBOR may also have a significant impact on taxable...more
How challenging is LIBOR Transition proving to be in the US structured finance market?
Like street-corner proselytizers holding signs warning “The End is Near,” world markets, banks, and other financial institutions have...more
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
6/15/2021
/ Alternative Reference Rates Committee (ARRC) ,
CFTC ,
FDIC ,
Financial Institutions ,
Interest Rates ,
ISDA ,
Libor ,
OCC ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Sterling Overnight Index Average (SONIA) ,
UK
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
3/11/2021
/ Alternative Reference Rates Committee (ARRC) ,
CFTC ,
Department of Justice (DOJ) ,
FBI ,
Financial Conduct Authority (FCA) ,
Fraud ,
Interest Rates ,
ISDA ,
Libor ,
New York ,
NYDFS ,
OCC ,
Proposed Legislation ,
Securities and Exchange Commission (SEC) ,
Transitional Arrangements ,
UK
Everything you need to know to be prepared for the LIBOR-SOFR transition.
What to Know -
ed that the US Dollar (USD) London Interbank Offered Rate (LIBOR) be replaced by the Secured Overnight Financing Rate (SOFR) as a...more
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
11/4/2019
/ Alternative Reference Rates Committee (ARRC) ,
Capital Gains ,
Capital Gains Tax ,
Corporate Issuers ,
Credit Default Swaps ,
Disclosure Requirements ,
Federal Reserve ,
Financial Stability Board ,
Financial Transactions ,
Interest Rates ,
Internal Revenue Code (IRC) ,
ISDA ,
Libor ,
Proposed Regulation ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Tax-Exempt Bonds ,
U.S. Treasury