To embed, copy and paste the code into your website or blog: Recent statements by LIBOR authorities in the UK have implications for benchmark fallbacks in US documents. The UK’s Financial Conduct Authority (" FCA") and ICE Benchmark Administration (" IBA") released statements 1 on March 5, 2021 announcing that LIBOR will cease to be published on a representative basis on: December 31, 2021, for one-week and two-month USD LIBOR (and all tenors of GBP, EUR, CHF and JPY LIBOR); and June 30, 2023, for all other tenors of USD LIBOR (i.e. overnight, one-month, three-month, six-month and 12-month). Though the end of LIBOR has been anticipated for years, the importance of these statements is that they constitute a triggering event in the most common formulations of USD LIBOR fallback provisions. This trigger doesn't mean that loans based on USD LIBOR need to imminently switch to another rate, but certain actions will still be required under many loan documents.