In its annual review of financial stability and systemic risk, the Financial Stability and Oversight Council highlighted COVID-19-related financial stresses.

The Financial Stability Board urged market participants to continue working to remove remaining dependencies on LIBOR by the end of 2021.

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.

CFTC Division of Swap Dealer and Intermediary Oversight Director Joshua B. Sterling highlighted a number of regulatory issues for swap dealers being considered at the CFTC.