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Following requests from industry, New York State incorporated
legislative language addressing the expected discontinuance of
LIBOR in its recently released draft budget. The draft language
amends the General Obligations Law to require New York law-governed
contracts without LIBOR fallback provisions to use the replacement
rate recommended by the Alternative Reference Rates Committee
(ARRC).
1
Background
The U.K. Financial Conduct Authority (FCA), which regulates
LIBOR, has made clear that it will not compel banks to make LIBOR
submissions beyond 2021. Together with other official sector
bodies, it has strongly advised industry to transition away from ....

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