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
Recent Congressional Hearing Indicates that Federal LIBOR
Transition Assistance Law Increasingly Likely
Eye on IBOR blog, 19 April 2021
Testimony at a virtual hearing on Thursday, April 15, 2021, of the
Subcommittee on Investor Protection, Entrepreneurship and Capital
Markets of the US House Committee on Financial Services reinforced
regulatory support for federal legislation to facilitate the
transition from LIBOR.
Singapore Reiterates the Need for Active
Transition to SORA
Eye on IBOR blog, 19 April 2021
The Singapore Steering Committee for SOR and SIBOR Transition to
SORA has published a report providing guidance on new industry
timelines to cease issuance of Singapore dollar Swap Offer Rate
derivatives and Singapore Interbank Offered Rate-linked financial
products.
The New York LIBOR Legislative Solution Becomes
Law
Eye on IBOR blog, 9 April 2021
Once USD LIBOR ceases, Article 18-C would automatically change
contractual USD LIBOR provisions to the ARRC recommended fallback
provisions to SOFR. With the New York legislative solution now
effective, similar federal legislation is advancing, which would
address FRNs governing by non-New York law.
To view the full article please click here.
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