Yesterday, May 27, 2020, the US Alternative Reference Rates Committee (ARRC) published updated best practices guidance, including a summary factsheet, complete best practices guidance and a graphical timeline. While the updates cover more market participants and include some additional details for certain interim milestones (including various end dates for specified products by which LIBOR usage should cease), the guidance retains the previous YE 2021 deadline, despite the current COVID-19 pandemic and related disruption. The table in this Legal Update shows the recommended target end dates.
Read our Legal Update here.
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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.