libor transition

Sources of information

Important sources of further information on LIBOR transition are set out below.

Financial Stability Board 

Bank of England

Financial Conduct Authority

The Working Group on Sterling Risk-Free Reference Rates

Her Majesty's Revenue and Customs (HMRC)

The Alternative Reference Rates Committee (ARRC)

The Working Group on Euro Risk-Free Reference Rates

Bank of Japan

Swiss National Bank

International Capital Market Association (ICMA)

The International Swaps and Derivatives Association, Inc. (ISDA)

ICE Benchmark Administration Limited

International Capital Market Services Association (ICMSA)

  • The discontinuation of LIBOR/IBORS - implications for English-law note trustees
  • Bulletin – 200120/47: Benchmark replacement and fallback provisions – Key principles and guidelines for Agents and Trustees – January 2020
  • Bulletin 200305/49 – The discontinuation of LIBOR/IBORS – different approaches for transition under English law trust deeds and New York law indentures
(Note: this is pay-walled content available to ICMSA members only)

Loan Market Association (LMA)

  • Replacement of Screen Rate clause
  • Exposure draft of a compounded SONIA based sterling term and revolving facilities agreement 
  • Exposure draft of a compounded SOFR based dollar term and revolving facilities agreement
  • Commentary of exposure drafts
(Note: this is pay-walled content available to LMA members only)

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.