Videocast: Asset management regulation in 2020 videocast series – Regulators step up pressure to implement LIBOR transition plans

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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 Services’ request at the end of last year adds to the chorus of regulators concerned that insufficient preparations for the transition to alternative rates could have a negative impact on the safety and soundness of the financial markets generally and adversely affect the financial condition of individual See 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 Services’ request at the end of last year adds to the chorus of regulators concerned that insufficient preparations for the transition to alternative rates could have a negative impact on the safety and soundness of the financial markets generally and adversely affect the financial condition of individual financial institutions with LIBOR exposure.

In this Bottom Line videocast, Jamie Cain and Lizet Steele discuss:

Financial institutions that are not already preparing for the transition away from LIBOR are feeling pressure from regulators to start doing so immediately.

Regulators in the United States and abroad have requested that financial institutions submit LIBOR transition plans and/or indicate that the transition away from LIBOR will be an examination priority in 2020.

While certain issues with respect to the transition are still being addressed and debated, standing by to await resolution of these issues is no longer a viable option for financial institutions with LIBOR exposure.

Discover more of the latest legal news and topics discussed by subscribing to the Eversheds Sutherland Legal Insights Podcast Channel. See less -

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