The United Kingdom's Financial Conduct Authority will stop requiring banks to submit rates required to calculate the London Interbank Offered Rate (LIBOR) by the end of 2021.
Lenders should implement fallback language in their loan documents to prepare for the end of LIBOR. The Alternative Reference Rates Committee (AARC), an industry-wide panel convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, published recommendations for fallback language to use in loan documents. Join us for a webinar focused on the new fallback language for bilateral and syndicated loans and how lenders can prepare for the phase-out of LIBOR.