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Board of Governors of the Federal Reserve System adopted final rule to implement Adjustable Interest Rate LIBOR Act. Final Rule sets forth Board final decision on number of substantive and technical issues related to planned cessation of USD LIBOR on a representative basis.
As market participants prepare to submit comments on UK Financial Conduct Authority FCA proposal to require temporary publication of a synthetic 1-, 3- and 6-month USD LIBOR, some are concerned compelled publication of synthetic USD LIBOR could precipitate litigation wave.
The Board of Governors of the Federal Reserve System adopted a final rule to implement the Adjustable Interest Rate Act, LIBOR Act. The Final Rule addresses many of the comments received on the Proposed Rule and sets forth the Board’s final decision on a number issues.
The LIBOR Act is meant to address concerns with ceasing the use of LIBOR by creating a uniform process for replacing LIBOR in those existing contracts that do not provide for use of a replacement benchmark rate. LIBOR date set for first London banking day after June 30, 2023