News & Analysis as of

U.S. Treasury International Swaps and Derivatives Association

Holland & Knight LLP

Libor Steaming Toward June 2023 Transition

Holland & Knight LLP on

The U.S. dollar London Interbank Offered Rate (Libor) publication is scheduled to end by June 30, 2023. With roughly nine months to go as of this writing, parties still have time to make modifications to existing debt...more

Eversheds Sutherland (US) LLP

Anticipating the end: IRS finalizes LIBOR transition guidance

Since the announcement was made that the London Interbank Offered Rate (LIBOR) was to be discontinued, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have released three pieces of guidance...more

Sherman & Howard L.L.C.

IRS Releases Interim “Fallback” Guidance For Updating Financial Instruments To Account For LIBOR And IBOR Phaseout

On October 9, 2020, the Internal Revenue Service released Revenue Procedure 2020-44 to provide guidance for the market’s transition from the U.S. Dollar based London Interbank Offered Rate and other interbank offered rates...more

ArentFox Schiff

The End of Libor

ArentFox Schiff on

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

Holland & Knight LLP

Treasury Department, IRS Issue Proposed Rules on Tax Impact of Transition from Libor

Holland & Knight LLP on

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly issued proposed regulations (Proposed Regulations) to address concerns and reduce uncertainty regarding the tax impact of the anticipated...more

ArentFox Schiff

The End of Libor – Proposed Helpful Guidance for Borrowers from the Treasury Department for Tax Exempt Bond Obligors – With Some...

ArentFox Schiff on

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

Williams Mullen

Goodbye LIBOR - Hello Operational Headache!

Williams Mullen on

A sea of change is on the horizon for benchmark interest rates as financial regulators respond to the need to replace the London Interbank Offered Rate (“LIBOR”). LIBOR has lost the favor and, in some respects, the trust of...more

A&O Shearman

US Treasury Counselor to the Secretary Craig Phillips Discusses Regulatory Reform

A&O Shearman on

U.S. Treasury Counselor to the Secretary, Craig Phillips, spoke at the International Swaps and Derivatives Association’s 33rd annual general meeting regarding regulatory policies of relevance to ISDA members. Mr. Phillips...more

A&O Shearman

Brexit and Other Key Issues for CFOs and Corporate Treasurers

A&O Shearman on

On June 23, 2016, the UK electorate voted to leave the European Union in an advisory Referendum. We expect the UK Government to commence negotiations to withdraw and to establish a framework for the UK’s new relationship with...more

Katten Muchin Rosenman LLP

US Withholding Tax on Dividend Equivalent Payments Under Swaps

The US Department of the Treasury has issued regulations with respect to withholding on “dividend equivalent” payments made to a non-US long party on swaps and other financial instruments that are linked to US equities. These...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred - On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC's motion for judgment on the pleadings in an...more

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