CSBS Issue Talking Points

• On March 5, 2021, the ICE Benchmark Administration Ltd published results of their consultation last year about the end of LIBOR. It confirms the previously announced dates for the cessation of LIBOR. • In April 2021, New York and Alabama passed legislation that addresses LIBOR cessation in contracts without appropriate fallback to another rate. The legislation also provides a safe harbor for contract parties that select SOFR as the replacement rate for LIBOR. 1. ARRC website www.newyorkfed.org/arrc 2. SOFR website https://apps.newyorkfed.org/markets/autorates/sofr 3. FCA website www.fca.org.uk/ 4. ICE website https://ir.theice.com/home/default.aspx 5. ICE Benchmark Administration Limited (IBA) launched a webpage ICE LIBOR (theice.com) to provide a comprehensive overview of all of IBA’s solutions designed to help stakeholders prepare for the transition to new U.S. Dollar interest rate benchmarks

Reference Material

SME Contact: Daniel Berkland, Director, Supervisory Processes: 202-559-1987 or DBerkland@csbs.org

Date Updated: August 2021

FOR STATE REGULATOR USE ONLY