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To print this article, all you need is to be registered or login on Mondaq.com. 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 i...

Daily Monitor Thursday February 18 2021 Deputy Speaker Jacob Oulanyah (left) and Speaker Rebecca Kadaga chairing plenary sessions of Parliament. Photo/ David Lubowa Summary The deputy Secretary General of the ruling party, Mr Richard Todwong, has asked the party’s Central Executive Committee to rein in and sort out the standoff before the polls.  "The top party organ [CEC] where both of them sit is better placed to handle the issues and I nurse no doubt that all will be well sooner than later,” Jacob Oboth-Oboth,  (West Budama South), Legal and Parliamentary Affairs Committee chairperso...

To embed, copy and paste the code into your website or blog: On November 30, 2020, parties to legacy LIBOR contracts breathed a collective sigh of relief as LIBOR’s administrator Intercontinental Exchange, Inc. (“ICE”) announced that US Dollar LIBOR would continue to be published until December 31, 2021 for the one-week and two-month tenors and until June 30, 2023 for the remaining, more widely used tenors. [i] As explained in our prior Client Alerts on the transition away from LIBOR, these extensions will allow time for most legacy LIBOR contracts to mature prior to the cessation of LI...

The U.K. Treasury wants views on a proposal to help market participants avoid any litigation resulting from the phaseout of LIBOR.

("The Proof of Trust" or the "Company")     LONDON, 27 January 2021 -  The Proof of Trust, the world's first globally patented smart contract validation and automated dispute resolution platform, is proud to announce its third Memorandum of Understanding ("MoU") of 2021 with Ewropa, a Malta based consultancy which advises on EU policy and funding opportunities with respect to green and digital transformation. The Proof of Trust's ground-breaking protocol, built in partnership with IBM, is specifically designed to act as an assurance layer, validating ...