USD LIBOR is the last step in the long and winding road that has been LIBOR’s slow demise over the last several years as all other LIBOR instruments worldwide have already substantially transitioned.
As taxpayers prepare...more
Financial institutions should work with outside counsel to ensure that their internal policies and external actions minimize conduct that may violate state and Federal laws and regulations, and incentivize employees to reward...more
12/3/2020
/ Affordable Housing ,
Antitrust Conspiracies ,
Breach of Contract ,
Class Action ,
Collusion ,
Department of Justice (DOJ) ,
Fannie Mae ,
Fiduciary Duty ,
Financial Institutions ,
Freddie Mac ,
Interest Rate Swaps ,
Internal Revenue Code (IRC) ,
Liquidity ,
Motion to Dismiss ,
New York ,
Popular ,
Price-Fixing ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tax Revenues ,
U.S. Treasury ,
Unjust Enrichment ,
Variable Rates ,
Whistleblowers
The following is based upon the Fixed Income Market Structure Advisory Committee Panel meeting held on Monday, November 5 entitled ‘LIBOR Transition Update and SOFR Volatility,’ and related statements from the Federal Reserve...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
Many conduit tax exempt revenue bonds bear interest at a floating rate, most typically a percent of USD 1-month LIBOR (here, LIBOR).
Many of these transactions have been synthetically “fixed” by the conduit borrower entering...more
10/15/2019
/ Bonds ,
Federal Reserve ,
Interest Rate Swaps ,
ISDA ,
Libor ,
New Guidance ,
Popular ,
Proposed Regulation ,
Secured Overnight Funding Rate (SOFR) ,
Tax-Exempt Bonds ,
U.S. Treasury ,
Variable Rates