Regulatory Alerts2021-07-08
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority (HKMA) directs all authorized institutions to distribute a joint leaflet developed with the Treasury Markets Association to corporate customers holding outstanding LIBOR-linked contracts by 31 July 2021. This directive aims to enhance corporate awareness of the LIBOR transition following the confirmation that most LIBOR settings will be discontinued starting 1 January 2022. Institutions must cease entering into new LIBOR contracts after 2021 and are required to send an email confirmation to the HKMA upon completion of the distribution exercise.
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