Regulatory Alerts2021-07-14
Agreement No. 3-2021: Special and Abbreviated Procedure for Registering Modifications to LIBOR Reference Rates and Spreads
The Board of Directors of the Superintendencia del Mercado de Valores issued Agreement No. 3-2021 to establish a special and abbreviated registration procedure for modifying the LIBOR reference rate and spread in registered public offerings of securities. This framework mandates that issuers submit a public communication of material fact for regulatory review, obtain necessary holder consents, and adhere to strict deadlines for implementation before the final LIBOR fix date. The agreement ensures a structured transition to alternative reference rates while suspending trading during the modification process to protect investor interests.
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