News & Analysis as of

Safe Harbors Libor

McGlinchey Stafford

LIBOR Act Provides Answers, Safe Harbor For Lenders

McGlinchey Stafford on

On March 15, 2022, the Consolidated Appropriations Act of 2022 was signed into law. Division U, the Adjustable Interest Rate (LIBOR) Act, resolves what had otherwise been a pending concern with variable interest rate loan...more

Morrison & Foerster LLP

Federal LIBOR Transition Legislation Passed in Omnibus Spending Package

On March 15, 2022, President Joe Biden signed into law the Consolidated Appropriations Act, 2022, which includes the Adjustable Interest Rate (LIBOR) Act (the “Act”). The newly passed law facilitates the transition away from...more

Hogan Lovells

LIBOR transition: new UK “safe harbour” Bill introduced into Parliament

Hogan Lovells on

During 2021, we have seen action by several key legislatures to address the risk of litigation arising out of LIBOR cessation. In February 2021, the EU’s amendments to the Benchmarks Regulation entered into force, providing...more

Holland & Knight LLP

IRS Promotes Use of Fallback Language to Assist with Libor, IBOR Transition

Holland & Knight LLP on

The Internal Revenue Service (IRS) released Revenue Procedure 2020-44 to assist the market's transition from the London Interbank Offered Rate (Libor) and other interbank offered rates (IBORs) to alternative reference rates...more

Eversheds Sutherland (US) LLP

Legislating for LIBOR’s cessation

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

Alston & Bird

Structured Finance Spectrum – January 2021

Alston & Bird on

Moving on from 2020 and building up for 2021. Read our Structured Finance Spectrum, covering safe harbors & remedies, CLOs & QMs, and passive & ESG investing, among other hot-topic issues in the structured finance markets in...more

Katten Muchin Rosenman LLP

Structured Finance Year in Review and the Outlook for 2021 | Key Takeaways

On December 8 and 10, Katten’s Structured Finance and Securitization Department presented the “Year in Review and Outlook for 2021” webinar series. Topics covered by Katten attorneys and guest speakers include the impact of...more

Foley & Lardner LLP

IRS Proposed Regulations Provide Flexibility for LIBOR Phase-out

Foley & Lardner LLP on

On October 9, 2019, the United States Treasury Department published proposed regulations that address the federal tax consequences of the expected phase-out of the London interbank offered rate (LIBOR) after 2021 and possible...more

Orrick, Herrington & Sutcliffe LLP

Tax Relief for Replacing LIBOR in Tax-Exempt Debt and Swaps

Many tax-exempt bonds and related hedges, such as interest rate swaps ("Exempt Instruments"), use a LIBOR-based interest rate. LIBOR is going away, and existing Exempt Instruments are going to have to be modified to replace...more

Latham & Watkins LLP

US Treasury Alleviates Tax Risk From Interbank Offered Rates Phase-Out

Latham & Watkins LLP on

The Proposed Regulations allow existing debt and non-debt contracts that now reference LIBOR and other Interbank Offered Rates (IBORs) to transition toward alternative reference rates without triggering tax. Key Points: ...more

Proskauer - Tax Talks

LIBOR Transition: U.S. Tax Guidance From the IRS

Proskauer - Tax Talks on

The U.S. tax authorities have issued substantial guidance related to the phase-out of LIBOR – relevant to lenders, borrowers and parties to financial instruments of virtually every type. In proposed regulations (“the...more

Troutman Pepper

Tax Relief May Be Ahead for Market Participants Transitioning Away From LIBOR

Troutman Pepper on

Tax relief may be coming for issuers and holders of debt instruments and parties to derivatives and other financial contracts governed by LIBOR (the London Interbank Offered Rate). ...more

Stinson LLP

BankinBits First Quarter Recap

Stinson LLP on

The BankinBits blog, which discusses recent developments in the banking industry, has within the first quarter of 2014 addressed a diverse range of topics including banking services for the marijuana industry, the shuttering...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - June 24, 2013

In This Issue: OCC Issues Final Rule on Lending Limits; CFTC Temporary No-Action Relief for Transition to SEF Rule; FHFA Report to Congress; CFTC Temporary No-Action Relief for Small Bank Board Approval Requirements: CFTC...more

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