Welcome to the latest issue of Mayer Brown's IBOR Transition Digest-a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBORtransition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.
NEWS AND DEVELOPMENTS
United States – General
Revised Supervision and Regulation Letter
SR21-12: Answers to Frequently Asked Questions on the Transition
Away from London Interbank Offered Rate (LIBOR)
Board of Governors of the Federal Reserve
System, 19 November 2021
The Fed's frequently asked questions (FAQs) to assist
supervised firms in the transition away from using the LIBOR as a
reference rate have been revised. The supervisory letter includes
both the original July 2021 FAQs, as well as the revised November 2021 FAQs. The revised FAQs focus on
defining "new contracts," the continuing use of fallback
provisions, and supervisory focus with respect to LIBOR
transition.
Canada - General
CARR publishes CORRA-related recommendations and key findings in its review of CDOR
Canadian Alternative Reference Rate Working Group, 23
November 2021
The Canadian working group published a suite of resources
to facilitate the transition to the Canadian Overnight Repo Rate
Average, including conventions for Floating Rate Notes, conventions for CORRA-referencing
loans (including an example calculation and a comparison
to conventions in other jurisdictions), fallback language for CORRA-referencing FRNs,
and an update on the analysis of CDOR as the primary
interest rate benchmark in Canada.
Europe – General
Final Report on draft RTS on the clearing
and derivative trading obligations in view of the benchmark
transition to risk free rates
European Securities and Markets Authority, 18
November 2021
Presenting draft regulatory technical standards that amend
the scope of existing RTS relating to clearing and derivative
trading obligations to transition away from EONIA and LIBOR to risk
free rates. The report reflects responses to ESMA's
related July 2021 consultation.
Download >> IBOR Transition Digest - November 24 2021
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
Visit us at mayerbrown.com
Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.
© Copyright 2026. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
