August 26, 2022

Regulation Implementing the Adjustable Interest Rate LIBOR Act

The use of LIBOR, a longstanding and widely used reference rate for financial contracts in the global capital markets, has been repeatedly criticized by bank regulatory agencies worldwide because of weaknesses in its governance that have led to LIBOR panel banks manipulating the rate.

The United Kingdom’s Financial Conduct Authority, the regulator for LIBOR’s administrator, has announced that LIBOR will be discontinued after June 30, 2023.