Regulatory Alerts2020-09-01
Added
Preparation for Libor Discontinuation: Enhancing Contractual Robustness
The Monetary Authority of Singapore mandates that financial institutions prepare for the discontinuation of LIBOR and SOR by end-2021 through proactive transition planning and robust contractual fallbacks. The regulator strongly encourages adherence to the ISDA IBOR Fallback Protocol for derivatives transactions to facilitate multi-lateral amendments and mitigate settlement risks. Additionally, institutions must monitor the development of fallbacks for cash market products while promoting the wider adoption of the Singapore Overnight Rate Average as an alternative reference rate.
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