IBOR Transition Digest – October 14, 2021 – Financials and Banking

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United States: IBOR Transition Digest – October 14, 2021

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Welcome to the latest issue of Mayer Brown’s IBOR Transition Digest, a periodic compendium of global regulatory and market developments and information on the complex issues facing financial market participants as they plan to move forward. switch from LIBOR and its variants to alternative benchmark interest rates. As attention to the IBOR transition accelerates and becomes more focused, having access to comprehensive and timely resources in the marketplace is critical.

THOUGHTFUL LEADERSHIP

Critical Criteria (Directors’ Criteria and Liability) Bill Gets First Reading in the House of Lords

Eye on IBOR Transition, October 4, 2021

The Critical References (Directors’ Credentials and Liability) Bill was drafted to address the risk that LIBOR termination poses to difficult legacy contracts, by ensuring that parties who apply amended LIBOR to their contracts in accordance with the The exercise of the powers of the FCA will not be the subject of complaints. breach of contract.

FCA proposes to require publication of synthetic GBP and JPY LIBOR for specified tenors

Eye on IBOR Transition, October 4, 2021

On September 29, 2021, the UK’s Financial Conduct Authority released Consultation Paper CP21-29: Proposed Rulings on the Use of LIBOR (Articles 23C and 21A BMR), in which it set out its plans for the temporary release. “synthetic” versions of LIBOR for a narrow range of sterling and yen contracts that cannot be traded in time for LIBOR termination at the end of 2021.

NEWS AND DEVELOPMENTS

United States – Syndicated and bilateral loans

White Paper: Full-Curve Credit Spread Indices (AXI)

SOFR Academy, September 27, 2021

Provide key features, construction methodology, scope of use, loan agreements, etc.

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This article by Mayer Brown provides information and commentary on legal issues and developments of interest. The foregoing does not constitute a complete treatment of the subject at hand and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action on the matters discussed in this document.

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