Sources of information

Financial Stability Board 

• Reforming Financial Benchmarks
• Interest rate benchmark reform – overnight risk-free rates and term rates
• Reforming major interest rate benchmarks: Progress report – November 2018
• Reforming major interest rate benchmarks: Progress report – December 2019
• Reforming Major Interest Rate Benchmarks 2020 Progress report – November 2020

Bank of England

• Transition to sterling risk-free rates from Libor
• Letter to The Working Group on Sterling Risk-Free Reference Rates: Regulatory capital impediments to transition – December 2019
• FCA and Bank of England joint statement on switch from LIBOR to SONIA for sterling interest rate swaps – January 2020
• PRA and FCA letter to Senior Managers – Next steps on LIBOR transition – January 2020
• The Bank's risk management approach to collateral referencing LIBOR for use in the Sterling Monetary Framework - Market Notice – February 2020
• Discussion Paper: Supporting Risk Free Rate-transition through the provision of compounded SONIA – February 2020
• Summary and response to market feedback: Supporting Risk-Free Rate transition through the provision of compounded SONIA - June 2020
• Speech from the Governor of the Bank of England - July 2020

Financial Conduct Authority

• Transition from LIBOR
• Q&As on conduct risk during LIBOR transition – November 2019
• Letter to ISDA concerning period during which non-representative LIBOR might be published – January 2020
• Statement on how the FCA would announce LIBOR contractual triggers
• Tough Legacy Contracts: FCA statement on planned amendments to the Benchmarks Regulation - June 2020
• FCA announcement on future cessation and loss of representativeness of the LIBOR benchmarks – March 2021
• Statement of Policy on the designation of benchmarks under Article 23A BMR – March 2021
• Statement of Policy on the exercise of the FCA’s powers under Article 23D BMR – March 2021

The Working Group on Sterling Risk-Free Reference Rates

• SONIA as the RFR and approaches to adoption – June 2017
• Consultation on term SONIA reference rates – July 2018
• New issuance of sterling bonds referencing LIBOR – July 2018
• Considerations around credit spread adjustment options in ISDA consultation on fallback rates – August 2018
• Syndicated loan replacement of screen rate clause – October 2018
• Preparing for 2022: What you need to know about LIBOR transition – November 2018
• Discussion Paper: Conventions for referencing SONIA in new contracts – March 2019
• Summary of Responses to Discussion Paper: Conventions for referencing SONIA in new contracts – 7 August 2019
• Letter to the Prudential Regulation Authority: Regulatory capital impediments to transition – October 2019
• Consultation on credit adjustment spread methodologies for fallbacks in cash products referencing GBP LIBOR – December 2019
• Working Group on Sterling Risk-Free Reference Rates 2020 Top Level Priorities – January 2020
• Use Cases of Benchmark Rates: Compounded in Arrears, Term Rate and Further Alternatives – January 2020
• Progress on the Transition of LIBOR-Referencing Legacy Bonds to SONIA By Way Of Consent Solicitation – January 2020
• Factsheet - Calling time on LIBOR: Why you need to act now – January 2020
• Statement on bond market conventions: Use of the SONIA Index and weighting approaches for observation periods – March 2020
• Statement from the RFRWG on the impact of Coronavirus on the timeline for firms’ LIBOR transition plans – April 2020
• Paper on the Identification of Tough Legacy Issues – May 2020
• Recommendations for SONIA Loan Market Conventions - September 2020
• Recommendation of Credit Adjustment Spread Methodology for fallbacks in cash market products referencing GBP LIBOR - September 2020
• Active transition of GBP LIBOR referencing bonds – September 2020
• Active transition of GBP LIBOR referencing loans – September 2020
• Consultation on successor rate to GBP LIBOR in legacy bonds referencing GBP LIBOR – February 2021
• Transition from LIBOR in Sterling Structured Products - April 2021
• Recommendation of Successor Rate for fallbacks in bond documentation referencing GBP LIBOR - May 2021

Her Majesty's Revenue and Customs (HMRC)

• Draft guidance on the taxation impacts arising from the withdrawal of LIBOR and other benchmark rate reform – March 2020

The Alternative Reference Rates Committee (ARRC)

• Website
• Second Report – March 2018
• Guiding Principles for More Robust LIBOR Fallback Contract Language in Cash Products – July 2018
• Frequently asked questions – September 2018
• A User’s Guide to SOFR – April 2019
• ARRC Recommendations Regarding More Robust Fallback Language for New Issuances of LIBOR Floating Rate Notes – April 2019
• The Secured Overnight Financing Rate (SOFR) Floating Rate Notes (FRNs) Conventions Matrix – August 2019
• Summary of ARRC's LIBOR Fallback Language – November 2019
• Appendix to SOFR Floating Rate Notes Conventions Matrix – November 2019
• Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition
• ARRC Announces Recommendation of a Spread Adjustment Methodology for Cash Products – April 2020
• Statement on the Use of the SOFR Index – May 2020
• An Updated User’s Guide to SOFR - February 2021
• Progress Report: The Transition from U.S. Dollar LIBOR - March 2021

The Working Group on Euro Risk-Free Reference Rates

• Interest rate benchmarks
• Private Sector Working Group on Euro Risk-Free Rates
• Report by the working group on euro risk-free rates on the transition from EONIA to ESTER – December 2018
• Second public consultation by the working group on euro risk-free rates on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts – December 2018
• Working Group on euro risk-free rates – Guiding principles for fallback provisions in new contracts for euro-denominated cash products – January 2019
• Third public consultation by the working group on euro risk-free rates on the EONIA to €STR Legal Action Plan – May 2019
• Report by the working group on euro risk-free rates on the impact of the transition from EONIA to the €STR on cash and derivatives products – August 2019
• Working Group on €uro Risk-Free Rates: Preparing for the interest rate benchmark reforms and the new risk-free rates – October 2019
• Working Group on €uro Risk-Free Rates: Checklist for navigating the transition from EONIA to €STR – October 2019
• Working Group on €uro Risk-Free Rates: Q&A on benchmark reform in the euro-zone – October 2019
• Working Group on €uro Risk-Free Rates: Report on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR – November 2019
• Working Group on €uro Risk-Free Rates: Report with high-level recommendations for fallback provisions in contracts for cash products and derivatives transactions referencing EURIBOR – November 2019
• Key messages for the transition from EONIA to €STR – March 2020
• Understanding EURIBOR Fallbacks – March 2020
• Public consultation on the publication by the ECB of compounded term rates using the €STR - July 2020
• Recommendations on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates - May 2021

Bank of Japan

• Study Group on Risk-Free Reference Rates
• Interest Rate Benchmark Reform in Japan: Speech by Deputy Governor at the Kin'yu Konwa Kai – January 2020

Swiss National Bank

• The National Working Group on Swiss Franc Reference Rates

International Capital Market Association (ICMA)

• Benchmark reform and transition to risk-free rates
• A quick guide to the transition to risk-free rates in the international bond market – February 2020

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

• Benchmark Reform and Transition from LIBOR
• IBOR Fallbacks Supplement
• IBOR Fallbacks Protocol
• IBOR Fallbacks Protocol FAQs
• IBOR Fallbacks Bilateral Documents
• Outline of Bilateral Documents for IBOR Fallbacks with Descriptions
• Guidance on FCA LIBOR Announcement
• Understanding IBOR Benchmark Fallbacks
• User Guide to IBOR Fallbacks and RFRs
• IBOR Fallback Rate Adjustments FAQs
• Bloomberg Rulebook for IBOR Fallback Methodology
• RFR Conventions and IBOR Fallbacks Product Table

ICE Benchmark Administration Limited

• ICE Term RFR Portal
• U.S. Dollar ICE Bank Yield Index

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

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

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.