Regulatory Alerts2021-07-08
Added · Updated
Important Points to Note for Corporate Treasurers on LIBOR Transition
The Hong Kong Monetary Authority reminds corporate treasurers that the UK Financial Conduct Authority has confirmed the discontinuation of most LIBOR settings starting 1 January 2022. Bank regulators globally, including the HKMA, have mandated that banks cease entering into new LIBOR contracts after 2021, requiring customers to reference alternative interest rates for new agreements from 1 January 2022 onwards. Corporates are urged to make suitable preparations for this transition and are directed to consult the HKMA website or their bankers for further information.
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