USD LIBOR succession legislation at home and abroad (Butterworths Journal of International Banking and Financial Law)
ICE Benchmark Administration Ltd (IBA) and the UK's Financial Conduct Authority (FCA) announced on 5 March 2021 (5 March Announcements) that most USD LIBOR tenors would cease being published on 30 June 2023, with a pair of lesser-used USD LIBOR tenors ceasing to be published on December 31, 2021 at the same time as other LIBOR currency settings.
Writing for Butterworths Journal of International Banking and Financial Law, Jones Day's Locke McMurray and Liz Saxton explain how the transition away from LIBOR is a hugely complex endeavor that borders on the impossible, particularly when it comes to so-called "tough legacy" contracts, and review the current status of the various "legislative fixes" for dealing with agreements which refer to USD LIBOR but which cannot be actively amended to remove those references before the benchmark ceases to exist.
Reprinted with permission from the September 2021 issue of Butterworths Journal of International Banking and Financial Law. © 2021 LexisNexis®. Further duplication without permission is prohibited. All rights reserved.
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