Regulation Implementing the Adjustable Interest Rate (LIBOR) Act

July 28, 2022 Regulation lookup, The Fed 0

Title:	Regulation Implementing the Adjustable Interest Rate (LIBOR) Act
Subject:	LIBOR contract default rules
Agency:	Federal Reserve
Status:	Final rule
Summary:	The Board is inviting comment on a proposed regulation that would implement the Adjustable Interest Rate (LIBOR) Act. The proposed rule would establish benchmark replacements for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR (the overnight and one-, three-, six-, and 12-month tenors) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate following the first London banking day after June 30, 2023. The proposed rule also would provide additional definitions and clarifications consistent with the Adjustable Interest Rate (LIBOR) Act.
FR Doc:	2023-00213
Date proposed:	July 19, 2022
Comments due date:	Aug. 29, 2022
Effective date:	Feb. 27, 2023
Rule compliance date:
Agency release:
Related Reg Report item(s):	Proposal would set default rules for legacy contracts whose LIBOR connection ends next year

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