Columbia Law School
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Thank you, Secretary Yellen. Thank you to all of my colleagues—not only at this table but around the globe—for their hard work putting an end to the London Interbank Offered Rate (LIBOR)
LIBOR was an innovation of the 1970s to
Libor
SEC Director of Investment Management Speaks at PLI
Good afternoon. Thank you, Paulita and Rajib, for your gracious invitation and kind welcome to this year’s program on current issues and trends in Investment Management.[1] As I suspect many of you know – and as the spring regulatory …
Cleary Gottlieb Discusses the LIBOR Act, State Law, and Litigation Risks
On March 15, 2022, President Biden signed into law the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Law”).[1] The objectives of the legislation are to facilitate the transition of legacy LIBOR contracts that either (a) lack LIBOR …
Sullivan & Cromwell Discusses Federal LIBOR Transition Legislation
On March 15, 2022, President Biden signed into law the “Consolidated Appropriations Act, 2022,” which enjoyed significant bipartisan support and contains, as Division U, the “Adjustable Interest Rate (LIBOR) Act” (the “LIBOR Act”).[1] The LIBOR Act provides a uniform …
The Second Circuit Was Wrong in Reversing Ex-Deutsche Bank Traders’ Libor Convictions
On January 27, in United States v. Connolly, the U.S. Court of Appeals for the Second Circuit misstated and misapplied the law of fraud in reversing the criminal convictions of former Deutsche Bank traders Matthew Connolly and Gavin Black. …
Davis Polk Discusses Second Circuit Reversal of LIBOR-Based Fraud Convictions
On January 27, 2022, the Second Circuit reversed the wire fraud convictions of two traders for their purported roles in the London Interbank Offered Rates (LIBOR) manipulation scandal, which previously resulted in a number of resolutions by banks. In United …
Paul Weiss Discusses LIBOR Transition and SOFR Alternative
As previously reported, the LIBOR settings for one-week and two-month USD LIBOR tenors will cease being representative after December 31, 2021.[1] This cessation is expect to have less of an impact because these tenors are not as widely used
SEC Staff Discusses Key Considerations on LIBOR Transition
SEC Chair Gensler Speaks on Alternative Reference Rates
It’s good to be with the Alternative Reference Rates Committee to discuss the transition from the London Interbank Offered Rate (LIBOR). I’d like to thank the Committee, the New York Fed, and the Federal Reserve Board for putting this together.
Debevoise & Plimpton Discusses the State of the LIBOR Transition
On March 5, 2021, LIBOR’s administrator, ICE Benchmarks Administration (the “IBA”), and LIBOR’s regulator, the U.K. Financial Conduct Authority (the “FCA”), announced that LIBOR will no longer be provided (i) for all sterling, euro, Swiss franc and Japanese yen settings, …
Sullivan & Cromwell Discusses New York Legislation on End of U.S. Dollar LIBOR
On April 6, 2021, the State of New York adopted long-anticipated legislation addressing the cessation of U.S. Dollar LIBOR (“LIBOR”). The legislation provides a statutory approach to so-called “tough legacy” contracts (contracts that (1) reference LIBOR as a benchmark interest …
Latham & Watkins Discusses IBOR Fallbacks Protocol and Supplement from ISDA
On October 23, 2020, the International Swaps and Derivatives Association, Inc. (ISDA) published its IBOR Fallbacks Protocol (Protocol) and Supplement to the 2006 ISDA Definitions (Supplement) in anticipation of the expected discontinuation of the London Interbank Offered Rate (LIBOR) at …
Preparing for the Transition from LIBOR to SOFR: The ARRC Recommendations
The London Interbank Offered Rate (LIBOR) has been the standard floating rate benchmark for debt instruments of all kinds around the world for decades. It is calculated every banking day by polling major banks on their estimated borrowing costs for …
Latham & Watkins Discusses CFTC No-Action Relief on IBOR Transition
On August 31, 2020, three divisions of the US Commodity Futures Trading Commission (CFTC) issued revised no-action letters providing additional relief to swap dealers (SDs), end users, and other market participants from registration requirements; business conduct standards; uncleared swap margin …
Paul Weiss Discusses Transition from LIBOR to Alternative Reference Rates by End of 2021
Notwithstanding the impact of COVID-19 on the global economy and market participants, from the perspective of regulators, working groups and industry leaders, the anticipated cessation of the London Interbank Offered Rate (“LIBOR”) remains the end of calendar year 2021.[1]…
How Benchmark Competition Would Benefit Financial Markets
In over-the-counter (OTC) markets for assets such as currencies, derivatives, and commodities, staggering sums of money are tied to single, critical financial benchmarks. The London Interbank Offered Rate (LIBOR), for example – often referred to as “the world’s most important …
Paul Weiss Discusses the Scheduled End of LIBOR
Notwithstanding numerous COVID-19-related challenges faced by market participants, UK regulators have affirmed that—at least for now—the anticipated cessation of the London Interbank Offered Rate (“LIBOR”) at the end of calendar year 2021 remains unchanged. Complying with regulators’ and working groups’ …
Cleary Gottlieb Discusses Upcoming LIBOR Transition
On 16 January 2020, the Bank of England (the “BoE”), the UK Financial Conduct Authority (the “FCA”) and the Working Group on Sterling Risk-Free Reference Rates (“RFRWG”) published a set of documents outlining priorities and milestones for 2020 on LIBOR …
Sullivan & Cromwell Discusses Key Considerations for Fiscal-Year 2019 SEC Filings
As issuers prepare their Form 10-K and 20-F filings for fiscal year 2019, they should consider recent changes to Securities and Exchange Commission (“SEC”) disclosure rules, trending disclosure topics and the implementation of critical audit matters disclosure in the audit …
Arnold & Porter Discusses U.S. Treasury’s Proposed Regulations on Tax Issues Regarding LIBOR’s End
On October 9, 2019, the US Department of the Treasury (Treasury Department) issued proposed regulations (Proposed Regulations) regarding tax issues relating to the anticipated discontinuance of the London interbank rate (LIBOR) after the 2021 calendar year. The Proposed Regulations are …