The SEC staff issued a statement “in light of the now-certain transition away from LIBOR” reminding investment professionals of their obligations when recommending LIBOR-linked securities and related investment products and strategies, including interest rate swaps, municipal securities and securitizations.
At a Financial Stability Oversight Council meeting on June 11, 2021, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles encouraged the move toward the Secured Overnight Financing Rate and warned banks that the use of USD LIBOR quotes available after December 2021 for new products would create safety-and-soundness risks.
The U.S.-UK Financial Regulatory Working Group published a joint statement on its priorities.
A global provider of stock market indices settled SEC charges for the dissemination of stale index values due to an undisclosed quality control feature in one of its volatility-related indices.
In its 2020 annual report, the Structured Finance Association reviewed its government affairs record in 2020 and highlighted the LIBOR transition as a continuing priority for 2021.