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 Financial Conduct Authority and ICE Benchmark Administration confirmed that the "reasonable period" during which LIBOR would continue to be published following an announcement that LIBOR is no longer representative would be minimal.
The UK Financial Conduct Authority announced the dates by which panel banks' submissions for any London Inter-Bank Offered Rate ("LIBOR") will stop and LIBOR will no longer be representative.
The UK Financial Conduct Authority announced that as of January 4, 2022, the publication of LIBOR settings has ended on (i) all euro and Swiss francs, (ii) the overnight/spot next, one-week, two-month and 12-month sterling and Japanese yen, and (iii) the one-week and two-month U.S. Dollar.
Commentary by Nihal Patel
The UK Financial Conduct Authority confirmed new rules regarding legacy use of the synthetic sterling and Japanese yen LIBOR for contracts that have not fully transitioned away from the benchmark rate by December 31, 2021.