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ARTICLE · 23 DECEMBER 2022

Fed Adopts Final Rule Implementing The Adjustable Interest Rate (LIBOR) Act

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On December 16, 2022, the Board of Governors of the Federal Reserve System (the "Board") adopted final rule 12 C.F.R. Part 253, "Regulation Implementing the Adjustable Interest Rate...

United StatesCorporate/Commercial Law
Bradley Berman
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Ryan Castillo
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Jerry R. Marlatt
Jerry R. Marlatt
Anna T. Pinedo
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On December 16, 2022, the Board of Governors of the Federal Reserve System (the "Board") adopted final rule 12 C.F.R. Part 253, "Regulation Implementing the Adjustable Interest Rate (LIBOR) Act (Regulation ZZ)" ("Rule 253" or the "Final Rule").1 Rule 253 identifies SOFR-based benchmark rates that will replace US dollar LIBOR in certain financial contracts after June 30, 2023. Rule 253 will become effective 30 days after its publication in the Federal Register.

Background

On March 5, 2021, the UK Financial Conduct Authority (the "FCA"), which regulates the administrator of the London Interbank Offered Rate ("LIBOR"), announced that all remaining tenors of US dollar ("USD") LIBOR will cease to be published immediately after June 30, 2023.2 To address the permanent cessation of USD LIBOR, Congress enacted the Adjustable Interest Rate (LIBOR) Act ("AIRLA") on March 15, 2022, to provide a federal solution for replacing references to USD LIBOR in existing contracts

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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.

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