The Situation: SFIG's LIBOR Task Force has
released the first of a planned series of "green papers"
on benchmark transition in the US securitization market.
The Result: The Green Paper contains proposed
recommendations that differ in certain ways from the ARRC
Consultation on the same topic.
Looking Ahead: Feedback to the ARRC
Consultation is due February 5, which should inform the SFIG in
future iterations of the Green Paper, which are intended to
culminate in a "White Paper."
The LIBOR Task Force ("Task Force") of the Structured
Finance Industry Group ("SFIG") released its "Green Paper, First Edition, A Set of
Recommended Best Practices for LIBOR Benchmark Transition," on
December 14, 2018, exactly one week after the Alternative Reference
Rates Committee ("ARRC") released its market consultation ("AARC
Consultation") on the same topic. As the Green Paper frankly
acknowledges, and notwithstanding SFIG's role as co-chairman of
the ARRC's Securitization Working
