Regulatory Alerts2022-07-28 | 2022-15658Regulation Implementing the Adjustable Interest Rate (LIBOR) Act
The Board of Governors of the Federal Reserve System issued a notice of proposed rulemaking to implement the Adjustable Interest Rate (LIBOR) Act. The proposed regulation establishes default benchmark replacements for U.S. law-governed contracts referencing specific tenors of U.S. dollar LIBOR that lack adequate fallback provisions after June 30, 2023. These replacements are based on the Secured Overnight Financing Rate (SOFR) and include statutory protections for parties using the Board-selected benchmark.
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