A number of global regulators have been warning institutions that i) LIBOR is ceasing, ii) transition plans are critical and iii) it’s (past) time to move on to a new rate. Last Friday the SEC added its voice in a joint eight-page Staff Statement on LIBOR Transition. This is not simply theoretical.
In a decision that could significantly ease the loan market’s transition from Libor to an alternative reference rate, the Financial Accounting Standards Board announced recently that it will soon take steps toward providing much-needed accounting relief for firms and organizations affected by the transition.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.