Welcome to the latest issue of Mayer Brown's IBOR Transition Digest-a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBOR transition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.
For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown's IBOR Transition portal.
Thought Leadership | News and Developments | Events
THOUGHT LEADERSHIP
IBA Sets LIBOR Publication Cessation Dates and Triggers a LIBOR Transition Event Eye on IBOR Transition Blog, 5 March 2021 On 5 March 2021, ICE Benchmark Administration, the administrator of LIBOR, released the much anticipated feedback statement reporting the results of its 4 December 2020 Consultation on Potential Cessation and confirming its previously proposed cessation dates.
US FRB Chair Powell Signals Support for Federal LIBOR Transition Assistance Legislation Eye on IBOR Transition Blog, 26 February 2021 In testimony before the House Committee on Financial Services on February 24, Jerome Powell, Chairman of the Federal Reserve Board, stated that federal legislation "is the best answer" to address "tough legacy" LIBOR contracts that do not mature prior to 30 June 2023.
NEWS AND DEVELOPMENTS
Global - General
ICE Benchmark Administration Publishes Feedback Statement for the Consultation on Its Intention to Cease the Publication of LIBOR Settings ICE Benchmark Administration, 5 March 2021 IBA received a broad of range of feedback from multiple stakeholders, both on the dates specified for cessation and on the LIBOR transition process generally.
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