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.
For additional resources and an introduction to our global
cross-practice IBOR Transition Task Force, please visit Mayer
HKMA Circular on
Term SOFR, new USD LIBOR-linked contracts after 2021, and stepping
up surveillance of AI readiness
Eye on IBOR Transition blog, 24 August 2021
Discussing the 19 August 2021 letter from the Hong Kong Monetary Authority to Authorised Institutions outlining recent developments relating to interest rate reform.
A Closer Look at
the Adjustable Interest Rate (LIBOR) Act of 2021
Eye on IBOR Transition blog, 17 August 2021
Summarizing some of the differences between the New York LIBOR replacement legislation and the federal Adjustable Interest Rate (LIBOR) Act of 2021.
United States – General
Questions on Best Practice Recommendations Related to Scope of Use
of the Term Rate
Alternative Reference Rates Committee, 27 August 2021
Clarifying certain common questions, including the use of term SOFR in non-loan products.
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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.