The IBOR Transition Digest is a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they continue to transition from LIBOR and its variants to replacement benchmark interest rates. As the market moves to the next phase of IBOR transition, it is critical to have access to comprehensive and timely resources about the market.


SEC Exam Staff Issues LIBOR Transition Risk Alert for Investment Advisers and Investment Companies
In Brief, 15 May 2023
Two LIBOR transition practices that the SEC staff noted relate to other areas of recent regulatory focus for the SEC and its staff: oversight of service providers and conflicts of interest.

UK's FCA Decision on Synthetic US Dollar LIBOR
In Brief, 5 April 2023
On 3 April 2023 the UK Financial Conduct Authority announced its decision to continue the publication of the 1-, 3- and 6-month USD LIBOR settings, using an unrepresentative 'synthetic' methodology, through 30 September 2024 for use in legacy LIBOR instruments only that do not fall within the scope of the Adjustable Interest Rate (LIBOR) Act.

View all of our IBOR transition thought leadership under the Perspectives tab of our IBOR Transition portal page and on our Eye on IBOR Transition blog.


United States – General

Observations from Examinations of Investment Advisers and Investment Companies Concerning LIBOR-Transition Preparedness
Securities and Exchange Commission Division of Examinations, 11 May 2023
The SEC noted that the preparation efforts and transition practices of the registered investment advisers and investment companies that were examined varied considerably, depending on the type and amount of LIBOR exposure. The SEC observed that firms have engaged actively with third party service providers to assess and manage exposure and communicate transition plans, and have considered conflicts of interest related to the transition as part of their assessment and planning, including cross-trading, principal transactions, allocation of transition costs, and clients with conflicting priorities.

To view the full article click here

Visit us at

Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.

© Copyright 2023. The Mayer Brown Practices. All rights reserved.

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.