The Bank of England and the UK Financial Conduct Authority demanded "clear evidence" that firms are preparing for the 2020 market-wide transition from LIBOR.
The New York State Department of Financial Services instructed its regulated entities to outline their plans to address the end of LIBOR and the associated risks.
ISDA launched a supplemental consultation, related to its ongoing efforts to amend certain of its floating rate options that reference interbank offered rates.
The European Supervisory Authorities made final revisions to report on bilateral Margin Regulatory Technical Standards requirements in order to align with the Basel Committee and IOSCO international framework.
Cadwalader assembled a multidisciplinary LIBOR Preparedness Team to support the transition from the London Interbank Offered Rate to the Secured Overnight Financing Rate.
SEC Chair Jay Clayton urged the Fixed Income Market Structure Advisory Committee to consider issues related to index construction, compensation for ratings agencies and risks presented by the LIBOR transition.
Cadwalader's LIBOR Preparedness Team made available its LIBOR Topic Page. The free resource offers guidance on the sunset of LIBOR and the design of indices to replace it.
ISDA reviewed consultation responses to determine how pre-cessation triggers should be addressed for LIBOR and certain IBOR benchmarks if they become "no longer representative."
