International supervisory bodies have reaffirmed plans to transition away from LIBOR to alternative reference rates (for example; SONIA or SOFR) and, advise that firms should assume that LIBOR will no longer be published beyond the end of 2021. Provisions to transition to alternative rates should be made well in advance of this date.
Guernsey regulated firms should consider how to mitigate any risk that may arise as a result of the transition, irrespective of the currency in which they transact.
The Bank of England and the Working Group on Sterling Risk-Free Reference Rates (“RFRWG”) have recently published a paper of “Tough legacy issues” and the US Alternative Reference Rates Committee (“ARRC”) has produced various publications suggesting best practices in the relation to the move away from US Dollar LIBOR:
Regulated firms should consider the above papers and other available publications, which may be relevant to various alternative currencies, when managing their risk in relation to the upcoming transition period.
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