President Trump's threatened Executive Order "banning" social media application TikTok prompted Microsoft to announce that it would "continue discussions to explore a purchase of TikTok in the United States."
In a new report, researchers at the European Capital Markets Institute of the Centre for European Policy Studies found that derivatives markets can "contribute to the significant capital raising and investing that will be required to transition to a low carbon economy."
The DOJ filed charges against the owner of two companies in Florida that provide Medicare services for submitting false and fraudulent claims in order to receive (i) reimbursement from Medicare and (ii) loans from the Paycheck Protection Program.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
Fannie Mae and Freddie Mac published a "LIBOR Transition Playbook" and provided an FAQ and additional online resources "to help stakeholders transition business policies and processes to support products linked to the Secured Overnight Financing Rate."
ISDA reported that the vast majority of respondents to a supplemental consultation on LIBOR are in favor of including a pre-cessation fallback trigger in ISDA's amendments to the 2006 ISDA definitions and the related protocol.
The Alternative Reference Rates Committee issued a supplemental consultation on the spread adjustment methodologies to be used in connection with the ARRC's recommended hardwired fallback language for cash products referencing USD LIBOR.
The Financial Conduct Authority, the Bank of England and the Sterling Risk-Free Reference Rates Working Group stated that the COVID-19 pandemic will delay the scheduled transition from sterling LIBOR-linked loans.
The Treasury Department issued an interim final rule that "establishes a fee for parties filing a formal written notice of a transaction for review by the Committee on Foreign Investment in the United States.”
The Financial Conduct Authority, Bank of England and members of the Working Group on Sterling Risk-Free Reference Rates reaffirmed that firms should not rely on LIBOR being published after 2021, even with the impact of COVID-19 on markets.
The Alternative Reference Rates Committee extended the comment deadline for a consultation seeking feedback on the Committee's recommended spread adjustment methodologies for cash products referencing USD LIBOR.
The Alternative Reference Rates Committee proposed legislation for New York, designed to provide clarity for legacy financial instruments and contracts that have no, or inadequate, fallback provisions addressing the cessation of LIBOR.