FCA Announcement May Trigger LIBOR Cessation Benchmark

Summary

The U.K. Financial Conduct Authority (FCA) on March 5, 2021 formally set the dates by which panel banks will no longer report on tenors of LIBOR. These are the final dates the FCA will regulate LIBOR and the ICE Benchmark Administration (IBA) will publish LIBOR. If these dates remain unchanged, then all 35 tenors of LIBOR will cease after June 30, 2023. This could trigger a notice requirement under some credit agreements, as described below. The announcement is here.