United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2023_register executive 2023-01-26 article Part III Rules and Regulations D09002ee1c79f8394 D09002ee1c79f85ce United States Federal Reserve System originator org United States Government Agency or Subagency The Board is adopting a final rule (final rule) to implement the Adjustable Interest Rate (LIBOR) Act. The final rule establishes 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 final rule also provides additional definitions and clarifications consistent with the Adjustable Interest Rate (LIBOR) Act. 88 FR 5204 https://www.govinfo.gov/app/details/FR-2023-01-26/2023-00213 2023-00213 fr26ja23-6 RIN 7100-AG34 P Regulation ZZ Docket No. R-1775 https://www.govinfo.gov/app/details/FR-2023-01-26/2023-00213 https://www.govinfo.gov/content/pkg/FR-2023-01-26/html/2023-00213.htm https://www.govinfo.gov/content/pkg/FR-2023-01-26/pdf/2023-00213.pdf Banks and Banking Interest Rates 40 p. 5204 5243 88 FR 5204 Title 12 Part 253 12 CFR Part 253 RIN 7100-AG34 Regulations Implementing the Adjustable Interest Rate (LIBOR) Act; Federal Register Vol. 88, Issue RULE 2023-00213 III FEDERAL RESERVE SYSTEM 2023-02-27 Regulation ZZ Docket No. R-1775 P 2023-00213 Final rule.

The Board is adopting a final rule (final rule) to implement the Adjustable Interest Rate (LIBOR) Act. The final rule establishes 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 final rule also provides additional definitions and clarifications consistent with the Adjustable Interest Rate (LIBOR) Act.

The final rule is effective February 27, 2023. David Bowman, Senior Associate Director, 202-452-2334, Division of Monetary Affairs; Lucy Chang, Special Counsel, 202-475-6331, or Cody Gaffney, Senior Attorney, 202- 452-2674, both of the Legal Division; or Lesley Chao, Lead Financial Institution Policy Analyst, 202-974-7063, Division of Supervision and Regulation. For users of TTY-TRS, please call 711 from any telephone, anywhere in the United States. Banks and Banking Interest Rates Adjustable Interest Rate Act Regulations, isda@isda.org https://assets.bbhub.io/professional/sites/10/Factsheet-IBOR-Fallbacks_V4_Dec2021.pdf https://assets.bbhub.io/professional/sites/10/IBOR-Fallback-Rate-Adjustments-Rule-Book_V3_Dec2021.pdf https://assets.bbhub.io/professional/sites/27/ISDA-IBOR-Fallbacks-Web-Terms1.pdf https://assets.isda.org/media/3062e7b4/08268161-pdf https://assets.isda.org/media/3062e7b4/08268161-pdf/ https://libertystreeteconomics.newyorkfed.org/2015/05/the-eurodollar-market-in-the-united-states https://www.cmegroup.com/articles/faqs/cme-term-sofr-reference-rates.html https://www.cmegroup.com/files/download/benchmark-data-fee-list.pdf https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html https://www.cmegroup.com/market-data/files/cme-term-sofr-reference-rates-benchmark-methodology.pdf https://www.cmegroup.com/trading/market-data-explanation-disclaimer.html https://www.fca.org.uk/news/news-stories/further-consultation-announcements-wind-down-libor https://www.fca.org.uk/news/speeches/the-future-of-libor https://www.fca.org.uk/publication/consultation/cp22-21.pdf https://www.fca.org.uk/publication/documents/future-cessation-loss-representativeness-libor-benchmarks.pdf https://www.federalreserve.gov/supervisionreg/srletters/SR2027a1.pdf https://www.isda.org/2019/07/31/bloomberg-selected-as-fallback-adjustment-vendor https://www.isda.org/protocol/isda-2020-ibor-fallbacks-protocol/ https://www.isda.org/protocol/isda-2020-ibor-fallbacks-protocol/adhering-parties https://www.justice.gov/opa/pr/barclays-bank-plc-admits-misconduct-related-submissions-london-interbank-offered-rate-and https://www.justice.gov/opa/pr/deutsche-banks-london-subsidiary-agrees-plead-guilty-connection-long-running-manipulation https://www.justice.gov/opa/pr/justice-department-issues-favorable-business-review-letter-isda-proposed-amendments-address https://www.justice.gov/opa/pr/rabobank-admits-wrongdoing-libor-investigation-agrees-pay-325-million-criminal-penalty https://www.newyorkfed.org/arrc/about https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates#sofr_ai_calculation_methodology https://www.newyorkfed.org/markets/reference-rates/sofr https://www.newyorkfed.org/medialibrary/microsites/arrc/files/2017/ARRC-press-release-Jun-22-2017.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2018/ARRC-principles-July2018 https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2018/ARRC-Second-report https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2019/ARM_Fallback_Language.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2019/LIBOR_Fallback_Language_Summary https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2019/Securitization_Fallback_Language.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2020/ARRC_Recommendation_Spread_Adjustments_Cash_Products_Press_Release.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2020/ARRC_Spread_Adjustment_Consultation.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/20210317-press-release-Spread-Adjustment-Vendor-Refinitiv.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/ARRC_Press_Release_Term_SOFR.pdf https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/ARRC_Scope_of_Use.pdf https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-usd-ibor-cash-fallbacks-methodology.pdf https://www.theice.com/iba/about#licensing www.isda.org Vol. 88, no. 17 Office of the Federal Register, National Archives and Records Administration 2023-01-26 continuing daily deposited born digital 360 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2023-01-26 P0b002ee1bbc47f9d 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr26ja23 https://www.govinfo.gov/app/details/FR-2023-01-26 https://www.govinfo.gov/content/pkg/FR-2023-01-26/pdf/FR-2023-01-26.pdf https://www.govinfo.gov/content/pkg/FR-2023-01-26/xml/FR-2023-01-26.xml fdlp 4891 5243 DGPO 2023-01-26 2024-05-29 FR-2023-01-26 machine generated eng FR FR-2023-01-26 88 17