Regulatory Alerts2021-09-28
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FS21/12: Decisions on the use of LIBOR (Articles 23C and 21A BMR)
The Financial Conduct Authority permits supervised entities to continue legacy use of six synthetic LIBOR settings (sterling and Japanese yen) from 1 January 2022, excluding cleared derivatives. Simultaneously, the Authority prohibits new use of continuing US dollar LIBOR settings by supervised entities, with specific exceptions for market making, hedging, novations, and contractual fallbacks related to transactions executed before 1 January 2022. These decisions apply to contracts within the scope of the Benchmarks Regulation, affecting banks, investment managers, and other regulated firms.
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