LIBOR Transition Resource Center

Market participants around the globe are preparing for the London Interbank Offered Rate (LIBOR) to cease as a benchmark rate after 2021. Transitioning from LIBOR will involve complex regulatory considerations and significant operational hurdles for funds.  

This resource center is designed to help ICI members understand issues surrounding benchmark reform and to implement their LIBOR transition programs. Here, you can find critical information on the market’s LIBOR transition from regulators, ICI, and other organizations.

US Regulators and Reference Rate Working Groups

US Securities and Exchange Commission (SEC)

• OCIE Risk Alert: LIBOR Transition Preparedness

  Jun 18, 2020

• Staff Statement on LIBOR Transition

  Jul 12, 2019

Commodities and Futures Trading Commission (CFTC)

• Division of Clearing and Risk Staff No-Action Relief from the Swap Clearing Requirement for Amendments to Legacy Uncleared Swaps to Facilitate Orderly Transition

  Aug 31, 2020

• Division of Market Oversight Staff No-Action Relief from the Trade Execution Requirement to Facilitate an Orderly Transition

  Aug 31, 2020

• Division of Swap Dealer and Intermediary Oversight Staff No-Action Positions to Facilitate an Orderly Transition of Swaps

  Aug 31, 2020

FINRA

• FINRA Shares Practices Firms Implemented to Prepare for the LIBOR Phase-out

  Aug 5, 2020

Prudential Regulators

• Statement on LIBOR Transition

  Nov 30, 2020

• Margin and Capital Requirements for Covered Swap Entities

  Jun 25, 2020

Internal Revenue Service (IRS)

• Guidance on the Transition from Interbank Offered Rates to Other Reference Rates

  Oct 9, 2019

• IRS Issues Additional Guidance on Transition from LIBOR (Revenue Procedure 2020-44)

  Oct 9, 2020

Alternative Reference Rates Committee (ARRC)

• Buy-Side/Asset Owner Checklist

  January 2020

• Transition from LIBOR and Paced Transition Plan
• More ARRC Resources
• ARRC Guide to the End Game for USD LIBOR

Global Regulators and International Bodies

Bank of England

• Transition to Sterling Risk-Free Rates from LIBOR

  August 2020

UK Financial Conduct Authority

• FCA Response to IBA’s Proposed Consultation on Intention to Cease US$ LIBOR

  Nov 30, 2020

• Letter: “Asset Management Firms: prepare now for the end of LIBOR”

  Feb 27, 2020

• Transition from LIBOR

  Apr 9, 2019

UK Prudential Regulation Authority

• Next Steps on LIBOR Transition

  Jan 16, 2020

UK Working Group on Sterling Risk-Free Reference Rates

• 2020-21 Top Level Priorities

  July 2020

ICE Benchmark Administration

• IBA Announced That It Expected to Consult on Its Intention to Cease Publication Of Various USD LIBOR Settings

  Nov 30, 2020

• IBA Announced That It Expected to Consult on Its Intention to Cease Publication Of GBP, EUR, CHF and JPY LIBOR

  Nov 18, 2020

International Organization of Securities Commissions (IOSCO)

• Statement on Communication and Outreach to Inform Relevant Stakeholders Regarding Benchmarks Transition

  Jul 31, 2019

Financial Stability Board (FSB)

• Reforming Major Interest Rate Benchmarks: 2020 Progress Report

  Nov 20, 2020

• Global Transition Roadmap for LIBOR

  Oct 16, 2020

• Supervisory Issues Associated with Benchmark Transition

  Jul 9, 2020

Other Industry Groups

International Swaps and Derivatives Association (ISDA)

• Benchmark Reform and Transition from LIBOR

  May 2020

• Adoption of Risk-Free Rates: Major Developments in 2020

  February 2020

• More ISDA Resources

Financial Accounting Standards Board (FASB)

• Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform of Financial Reporting

  March 2020

CME Group

• SOFR, SONIA and Other Alternative Reference Rates

  August 2020

• SOFR & ESTR Discounting Transition Process for Cleared Swaps

  June 2020

LCH Group

• LCH and Benchmark Reform

  August 2020

• SOFR Discounting: LCH Plan for the SwapClear Compensation Process

  December 2019