The transition from LIBOR to alternative risk free rates (RFRs) represents one of the biggest changes to the financial services industry, including those providing trust and agency services. There is increasing pressure on market participants from global regulators to take action to address LIBOR transition in both new and legacy transactions. Given the volume of product and processes affected, LIBOR transition will entail considerable work and risk.
As a result of regulator pressure, LIBOR and other benchmark rates are likely to be restructured or abolished by the end of 2021. We want to keep you up to date with key regulatory and industry developments and provide practical tools to help you navigate the challenges the reforms present.
This briefing considers the issues arising from LIBOR transition for administrative agents, collateral agents, trustees, intermediaries and other financial institutions to help you find a solution.
The team tracks financial services regulatory developments. A sample of IBOR updates over the past month includes:
Publication
On 18 September 2024, the Taskforce on Nature-related Financial Disclosures (TNFD) published its final Recommendations for nature-related risk management and disclosure. These provide companies and financial institutions of all sizes with a risk management and disclosure framework to identify, assess, manage and, where appropriate, disclose nature-related issues.
Publication
There are three main categories of pension provision in the UK: state pension provision, personal pension schemes and occupational pension schemes. The type of pension scheme that can raise issues for lenders is the “occupational pension scheme”.
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