India: Financial Conduct Authority (The "FCA") Makes Further Arrangements For The Orderly Wind-down Of Certain GBP And Japanese Yen LIBOR Settings

The FCA published a press release on 29^th September 2021 in relation to further arrangements for the orderly wind-down of certain GBP and Japanese Yen LIBOR settings.

The LIBOR benchmark administrator shall continue to publish 1, 3 and 6-month Sterling and Japanese Yen LIBOR settings ("LIBOR Settings") under a synthetic methodology, based on term risk-free rates, for the duration of 2022. This has been done to avoid disruption to legacy contracts which reference the LIBOR Settings.

The LIBOR Settings shall only be available for use in some legacy contracts and are not available for use in new contracts.

Further arrangements for the orderly wind-down of LIBOR at end-2021 | FCA

Originally published 30 September, 2021

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.