Overview
In July of 2017, Andrew Bailey, the chief executive of the UK
Financial Conduct Authority (FCA), announced in a
speech that after 2021 the FCA would no longer use its power to
compel panel banks to submit rate information used to determine the
London Interbank Offered Rate (LIBOR). Mr. Bailey
encouraged the market to develop robust alternative reference rates
to replace LIBOR.
LIBOR has long been the dominant rate for determining interest
payments on adjustable-rate financial products and, although
progress is being made, LIBOR transition remains a fundamental
issue confronting financial markets. Understanding and planning for
the impact on your business is key to a smooth transition. Baker
McKenzie is pleased to provide expert guidance on this issue below.
Please do get in touch if you'd like to learn more.
