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ARTICLE · 02 NOVEMBER 2020

LIBOR Transition Assistance Legislation Introduced In New York State Senate

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On October 28, 2020, New York State Senator Kevin Thomas introduced Senate Bill S9070, which would add a new Article 12 to New York's Uniform Commercial Code...

United StatesFinance and Banking
J. Paul Forrester
J. Paul Forrester
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On October 28, 2020, New York State Senator Kevin Thomas introduced Senate Bill S9070, which would add a new Article 12 to New York's Uniform Commercial Code that substantially adopts the language from the  proposed legislative solution produced by the Alternative Reference Rates Committee (ARRC) in March 2020. For some market participants,1 this announcement may trigger hearing the Halleluiah chorus from Handel's Messiah, while others may still be asking why it took so long, and still others may be asking why bother given its potential limitations.2

Even if this is properly regarded as "good news," the political reality is that the legislation is unlikely to be taken up until the 2021 legislative session that begins in January 2021.

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