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ARTICLE · 11 JUNE 2020

ARRC Recommends Best Practices For LIBOR Transition

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The Alternative Reference Rates Committee ("ARRC") recommended Best Practices to prepare for the cessation of U.S. dollar LIBOR ("USD LIBOR").

United StatesFinance and Banking
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The Alternative Reference Rates Committee ("ARRC") recommended Best Practices to prepare for the cessation of U.S. dollar LIBOR ("USD LIBOR").

In general, ARRC encouraged firms to discontinue new USD LIBOR products or, where that would not be practical, to include the ARRC-recommended fallback language. Market participants were advised to assume that use of LIBOR will end as of December 31, 2021.

Additionally, the ARRC urged financial institutions to (i) meet the recommended timelines, (ii) implement internal controls consistent with ARRC's "Practical Implementation Checklist for SOFR Adoption," (iii) track new ARRC recommendations, and (iv) incorporate ARRC-recommended conventions into new contracts.

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