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<p><span>Completion of the steps laid out in the FSB’s Global Transition Roadmap is now critical and market participants need to act urgently to ensure they are fully prepared for LIBOR cessation by the end of this year.</span></p>
<p><span>Regulators in Australia are reiterating the importance of ensuring a timely transition away from the London Interbank Offered Rate (LIBOR). This requires ceasing the use of LIBOR in new contracts before the end of 2021.</span></p>
Share ASIC, Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) have alerted Australian Institutions that they need to stop the use of LIBOR in new contracts before the end of 2021. They have also encouraged an acceleration of the active conversion of legacy LIBOR contracts. The London Interbank Offered Rate (LIBOR) is the reference interest rate for tens of millions of contracts, ranging from complex derivatives to residential mortgages. The Australian regulators are jointly promoting the importance of a timely transition away from LIBOR, and in a joi...
UK Financial Conduct Authority: Announcements On The End Of LIBOR Date 05/03/2021 The FCA has announced the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available. This is an important step towards the end of LIBOR, and the Bank of England and FCA urge market participants to continue to take the necessary action to ensure they are ready. The FCA has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: immediately after 31 December 2021, in ...