FCA standfast about LIBOR ending in 2021

From: RegTech Analyst

Despite the coronavirus pandemic, the Financial Conduct Authority (FCA) has issued another statement saying that firms cannot rely on LIBOR being published after the end of 2021.

The UK regulator made the statement after it and the Bank of England have worked with members of the Working Group on Sterling Risk-Free Reference Rates (RFRWG) and its sub-groups and task forces to consider how all firms’ LIBOR transition plans may be impacted by Coronavirus.

“We recognise the challenges presented by the current operating environment,” said the FCA. “We are therefore pleased to have seen continued progress on LIBOR transition through this difficult period. This includes the first syndicated loan that will link to SONIA and SOFR, the first bilateral loan referencing SONIA in the social housing sector, and another successful consent solicitation to convert a legacy LIBOR referencing bond.”

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