{"id":46656,"date":"2023-05-11T06:17:31","date_gmt":"2023-05-11T10:17:31","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-bodies-provide-updates-on-the-libor-transition\/"},"modified":"2024-04-24T15:00:43","modified_gmt":"2024-04-24T19:00:43","slug":"global-regulatory-bodies-provide-updates-on-the-libor-transition","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-bodies-provide-updates-on-the-libor-transition\/","title":{"rendered":"Global regulatory bodies provide updates on the LIBOR transition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a03daf157ee1]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a03daf157ee1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Global regulatory bodies provide updates on the LIBOR transition<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a03daf15e492'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">May 11, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a03daf160e9f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Bloomberg&#8217;s Regulatory Affairs Specialists and is an excerpt from the <a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-risk-capital-and-financial-stability-may-edition\/\" target=\"_blank\" rel=\"noopener noreferrer\">Global Regulatory Brief: Risk, capital and financial stability, May edition<\/a>.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The Bank of England (BoE) updates on the LIBOR Transition<\/h2>\n<p>The Bank of England (BoE) and Financial Conduct Authority (FCA) have <a href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/usd-libor-panel-ceases-end-june-2023-are-you-ready\"><span style=\"font-weight: 400\">reminded<\/span><\/a><span style=\"font-weight: 400\"> firms that there are less than 90 days until the USD LIBOR ceases on 30 June 2023, marking a milestone in the transition to Risk-Free Rates (RFRs).<\/span><\/p>\n<p>The FCA <a href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/fca-announces-decision-synthetic-us-dollar-libor\">published<\/a> a notice of first decision to compel ICE Benchmark Administration Limited (IBA) to continue the publication of the 1-, 3- and 6-month US dollar LIBOR settings after June 30, 2023 until September 30, 2024, using an unrepresentative synthetic methodology. The FCA reminds firms that they must continue to actively transition contracts that reference US dollar LIBOR. The FCA has also reminded firms that the 3-month synthetic sterling LIBOR setting is expected to cease on March 28, 2024 and firms should continue their active transition efforts ahead of this date. The 1- and 6-month synthetic sterling LIBOR settings were published for the final time on March 31, 2023 and have ceased permanently. The FCA plans to publish a detailed feedback statement in Q2 2023 and to publish the final versions of the draft notices in July 2023.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n      \n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The Hong Kong Monetary Authority (HKMA) has issued a <a href=\"https:\/\/www.hkma.gov.hk\/media\/eng\/doc\/key-information\/guidelines-and-circular\/2023\/20230414e1a1.pdf\">leaflet<\/a> and updated question and answer <a href=\"https:\/\/www.hkma.gov.hk\/media\/eng\/doc\/key-functions\/banking-stability\/banking-policy-and-supervision\/LIBOR_transtion_corporates_Q&amp;As_revised.pdf\">document<\/a> to remind corporate customers of authorized institutions to prepare for the transition away from remaining LIBOR settings. The leaflet reminds corporate treasurers that the remaining USD LIBOR settings will be discontinued from July 1, 2023, and that the Secured Overnight Financing Rate (SOFR) has replaced LIBOR. To ensure a smooth transition away from LIBOR, corporate treasurers are reminded to take action to complete the remediation of existing contracts referencing the remaining USD LIBOR settings in good time, and in any event before the end of June 2023.<\/p>\n<p>The Alternative Reference Rates Committee (ARRC) <a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/Microsites\/arrc\/files\/2023\/ARRC-Press-Release-Best-Practice-Recommendations.pdf\">released<\/a> a summary and update of its Term SOFR Scope of Use recommendations to provide a detailed summary and examples of the ARRC\u2019s existing recommendations and add a limited refinement with respect to Term SOFR-SOFR basis swaps. The ARRC\u2019s existing recommendations recognize the ability of end users to use Term SOFR derivatives to hedge Term SOFR business loans or legacy LIBOR products that have converted to Term SOFR. The ARRC\u2019s update of its recommendations additionally recognizes the ability of end users to enter into Term SOFR-SOFR basis swaps (but not other Term SOFR derivatives) in a wider set of circumstances, even when they do not hold Term SOFR cash assets that they are seeking to hedge.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a03daf165816]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a03daf165816'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for 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transition.<\/p>\n","protected":false},"author":1771,"featured_media":42762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[486,469],"tags":[],"series":[],"class_list":["post-46656","post","type-post","status-publish","format-standard","hentry","category-regulation","category-risk","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global regulatory bodies provide updates on the LIBOR transition | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"A number of global regulatory bodies recently provided updates on the LIBOR transition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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