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LIBOR: FCA confirms rules for legacy use of synthetic LIBOR rates and no new use of US dollar LIBOR

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Published on: 16 November 2021

Published by LNB News

LNB News 16/11/2021

Document Information

Issue Date: 16 November 2021

Published Date: 16 November 2021

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has published ‘Article 23C Benchmarks Regulation—Draft notice of permitted legacy use by supervised entities’, confirming that it will allow the temporary use of ‘synthetic’ sterling and yen LIBOR rates in all legacy LIBOR contracts, other than cleared derivatives, that have not been changed at or ahead of end-31 December 2021. The FCA has also published feedback statement FS21/11 on responses to its proposal to use its Article 23D(2) powers introduced through amendments to the UK Benchmarks Regulation (BMR) under the Financial Services Act 2021.

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