Sullivan & Cromwell Discusses Federal LIBOR Transition Legislation

By Jordan Wish, Rodge Cohen and Ben Weiner March 21, 2022 by renholding

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 …

Paul Weiss Discusses LIBOR Transition and SOFR Alternative

By Jane O’Brien, Manuel Frey, Jessica Carey, Amy Barton and Hilary Christian December 24, 2021 by renholding

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

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SEC Chair Gensler Speaks on Alternative Reference Rates

By Gary Gensler September 21, 2021 by renholding

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.

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Debevoise & Plimpton Discusses the State of the LIBOR Transition

By Ramya Tiller, Jeff Ross, Paul Brusiloff, Emilie Hsu and Courtney Bradford Pike August 11, 2021 by renholding

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, …

Preparing for the Transition from LIBOR to SOFR: The ARRC Recommendations

By Merrill Stone October 21, 2020 by renholding

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 …

Paul Weiss Discusses Transition from LIBOR to Alternative Reference Rates by End of 2021

By Mark S. Bergman, Jessica S. Carey, Manuel S. Frey, Brad S. Karp and Jane B. O'Brien July 14, 2020 by renholding

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

By Sue S. Guan April 20, 2020 by renholding

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

By Susanna M. Buergel, Jessica S. Carey, Manuel S. Frey, Brad S. Karp, and Jane O'Brien April 13, 2020 by renholding

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’ …

Arnold & Porter Discusses U.S. Treasury’s Proposed Regulations on Tax Issues Regarding LIBOR’s End

By David Sausen, C. Sarah Soloveichik and Joel Deuth November 19, 2019 by renholding

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 …

Arnold & Porter Discusses the End of LIBOR

By Gregory Harrington and Arturo Caraballo June 17, 2019 by renholding

As alerted in our previous Advisories, LIBOR, the “world’s most important number,” is being phased out. Created almost 50 years ago on August 15, 1969—opening day of the Woodstock music festival—LIBOR began as a floating, market-determined interest rate for syndicated …

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