Running a LIBOR transition project
Produced in partnership with Becky Critchley of Latham & Watkins and Anna Lewis-Martinez of Latham & Watkins
Running a LIBOR transition project

The following Banking & Finance practice note produced in partnership with Becky Critchley of Latham & Watkins and Anna Lewis-Martinez of Latham & Watkins provides comprehensive and up to date legal information covering:

  • Running a LIBOR transition project
  • LIBOR transition—background
  • Key issues raised by UK regulators
  • Timing
  • Tough legacy contracts
  • ISDA fallback protocol
  • Conduct risk
  • Treatment of LIBOR-linked instruments
  • Regulatory jurisdictional divergence
  • LIBOR transition project—checklist

Running a LIBOR transition project

This Practice Note provides a starting point to assist firms with planning and implementing a London Interbank Offered Rate (LIBOR) transition project. It provides some background on the FCA’s role in LIBOR transition and how it is helping firms prepare, before discussing in more detail key issues raised by UK regulators.

This is followed by a checklist setting out a number of key LIBOR impact areas that firms will need to investigate and address as well as points to consider when doing so. It should be read in the context of each firm’s particular operations and LIBOR exposure and be tailored and adjusted appropriately.

Practice Note: LIBOR transition provides a more general explanation of the issues surrounding LIBOR transition, as well as explanation of commonly used terms.

The LIBOR developments tracker sets out developments relating to the transition away from LIBOR to risk-free rates. It covers developments relating to each of the LIBOR currencies: Sterling, US dollars, Swiss Francs, Japanese Yen and Euros, as well as developments relating to the transition from EONIA to €STR. It also contains section on regulatory updates, cross-currency updates, future developments and next steps to look out for.

Practice Note: Interest provisions in risk-free rate based loan agreements focuses on how provisions in loan agreements based on risk-free rates differ from those in loan agreements based on LIBOR.

LIBOR transition—background

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