Regulatory Alerts2020-11-26
CSA Staff Notice 25-302: Matters Relating to CDOR, LIBOR and Other Interest Rate Benchmarks
Securities regulators in Canada issued this notice to alert market participants to the cessation of 6 and 12-month CDOR tenors effective May 2021 and the global transition away from LIBOR by the end of 2021. The staff encourages holders of existing instruments and issuers of new contracts to implement transition arrangements, such as adopting replacement rates and updating fallback language, to mitigate business disruptions. Additionally, the notice highlights the ISDA IBOR Fallbacks Protocol and Supplement, urging widespread adherence to standardize derivative contract adjustments during this benchmark reform period.
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