The IBOR Transition Digest is a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they continue to transition from LIBOR and its variants to replacement benchmark interest rates. As the market moves to the next phase of IBOR transition, it is critical to have access to comprehensive and timely resources about the market.
For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown's IBOR Transition portal.
THOUGHT LEADERSHIP
CFPB Publishes Final Rule to Help
Transition to a LIBOR-less World
Legal Update, 11 January 2022
On 7 December 2021, the US Consumer Financial Protection
Bureau issued a final rule to facilitate the transition away from
using the London Interbank Offered Rate, amending Regulation Z,
which implements the Truth in Lending Act. The rule will take
effect on 1 April 2022, and compliance will become mandatory on 1
October 2022.
US IRS Releases Final Regulations
Addressing IBOR Transition
Legal Update, 7 January 2022
On 30 December 2021, the U.S. Internal Revenue Service
(IRS) published final regulations for IBOR transition. Our Legal
Update provides background on the principle U.S. federal income tax
concern with IBOR-related amendments to existing contracts, an
overview of previous IRS guidance aimed at addressing the concern,
the types of modifications that can fit within the final
regulations, the relief provided for modifications that do fit, and
a few questions left open by the IRS.
US CFTC Issues Further Technical No-Action
Relief and Guidance for LIBOR Transition
Legal Update, 27 December 2021
On 22 December 2021, in response to a request from the
Alternative Reference Rates Committee and a further request from
the Futures Industry Association, the United States Commodity
Futures Trading Commission issued five technical no-action letters
providing additional, and extending existing, time-limited,
no-action relief and guidance for certain London Interbank Offered
Rate transition matters.
IBOR Transition Digest - January 21 2022
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