All LIBOR articles
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News BriefSEC risk alert highlights transition efforts from LIBOR
The Division of Examinations at the Securities and Exchange Commission issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate.
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Fed rule sets SOFR as LIBOR replacement
The Federal Reserve Board adopted a rule that will officially set the Secured Overnight Financing Rate as the benchmark rate in financial contracts that reference the expiring London Interbank Offered Rate.
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CFTC proposal furthers transition from LIBOR in swaps
The Commodity Futures Trading Commission proposed a rule that would replace certain swap rate clearing requirements pegged to the London Interbank Offered Rate with other alternative reference rates that are less susceptible to manipulation.
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FASB reference rate proposal seeks to extend LIBOR transition relief
The Financial Accounting Standards Board announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate.
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SEC staff stresses importance of fallback language in LIBOR transition
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
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Fed increasing LIBOR scrutiny as finish line nears
Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
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SEC’s Gary Gensler stumps for SOFR, shares concerns with Bloomberg rate
SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.
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Senate steps in to save CFTC’s whistleblower program
In an attempt to save the whistleblower program at the CFTC, the Senate approved a bill to create a separate fund to pay whistleblowers rather than having the office draw on penalties levied against wrongdoers.
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New York law provides LIBOR fallbacks as rate nears end
A new law in New York provides contracts that reference LIBOR with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.
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Enforcement an option as LIBOR deadline nears
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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FCA confirms Dec. 31 end date for LIBOR
The U.K. Financial Conduct Authority put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
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U.S. regs urge banks to transition from LIBOR ‘as soon as practicable’
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.
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Despite pandemic, ‘time to act is now’ on LIBOR transition
Focus on LIBOR transition may have slipped during the coronavirus pandemic, but the recent conversation among regulators is once again looking toward life after the soon-expiring reference rate.
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New FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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Powell: Legislation to address LIBOR transition unlikely
Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.
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Life after LIBOR: Shell throws weight behind SOFR
Royal Dutch Shell has announced the signing of one of the world’s first credit facilities linked to the new Secured Overnight Financing Rate.
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Liabilities and equity, LIBOR among priorities for FASB’s Golden
In a speech Tuesday, FASB Chairman Russell Golden laid out the accounting areas he hopes to finalize changes to before his term ends June 30, 2020.
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What FASB’s recent updates might mean for you
The Financial Accounting Standards Board has issued updates to its standards on hedging and share-based payments and is offering guidance on reference rate reform.
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SFO closes long-running LIBOR manipulation investigation
The U.K. Serious Fraud Office has closed its investigation into manipulation of the London Interbank Offered Rate (LIBOR), ending a probe that began more than seven years ago.
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LIBOR report suggests steep uphill climb still ahead
Despite warnings to prepare, financial institutions still face a lot of work and uncertainty around the demise of LIBOR, a new assessment suggests.
