Regulatory Alerts2021-03-25
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority extends the deadline for authorized institutions to cease issuing new LIBOR-linked products from June 30, 2021, to December 31, 2021, following industry feedback regarding market fragmentation risks. This adjustment aligns with the UK Financial Conduct Authority's confirmation that most LIBOR settings will cease or become non-representative by the end of 2021. The regulator maintains that institutions must continue transition preparations and achieve the first two milestones regarding alternative reference rate offerings and fallback provisions.
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