Regulatory Alerts2021-12-23
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority updates authorized institutions on their progress in migrating from LIBOR to alternative reference rates. The regulator mandates that no new LIBOR contracts be entered into after December 2021 and requires the completion of residual remediation work before the end of the year. Additionally, the reporting frequency for the Survey on Reform of Interest Rate Benchmarks will revert to quarterly starting January 2022 to reduce administrative burden.
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