Welcome to the latest issue of Mayer Brown's IBOR Transition Digest-a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBORtransition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.


United States – General

Revised Supervision and Regulation Letter SR21-12: Answers to Frequently Asked Questions on the Transition Away from London Interbank Offered Rate (LIBOR)
Board of Governors of the Federal Reserve System, 19 November 2021
The Fed's frequently asked questions (FAQs) to assist supervised firms in the transition away from using the LIBOR as a reference rate have been revised. The supervisory letter includes both the original July 2021 FAQs, as well as the revised November 2021 FAQs. The revised FAQs focus on defining "new contracts," the continuing use of fallback provisions, and supervisory focus with respect to LIBOR transition.

Canada - General

CARR publishes CORRA-related recommendations and key findings in its review of CDOR

Canadian Alternative Reference Rate Working Group, 23 November 2021
The Canadian working group published a suite of resources to facilitate the transition to the Canadian Overnight Repo Rate Average, including conventions for Floating Rate Notesconventions for CORRA-referencing loans (including an example calculation and a comparison to conventions in other jurisdictions), fallback language for CORRA-referencing FRNs, and an update on the analysis of CDOR as the primary interest rate benchmark in Canada.

Europe – General

Final Report on draft RTS on the clearing and derivative trading obligations in view of the benchmark transition to risk free rates
European Securities and Markets Authority, 18 November 2021
Presenting draft regulatory technical standards that amend the scope of existing RTS relating to clearing and derivative trading obligations to transition away from EONIA and LIBOR to risk free rates. The report reflects responses to ESMA's related July 2021 consultation.

Download >>  IBOR Transition Digest - November 24 2021

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.