Regulatory Alerts2023-05-25
Added
Supervisory Expectations for USD LIBOR and SOR Transition
The Monetary Authority of Singapore mandates that financial institutions actively transition contracts away from USD LIBOR and SOR despite the UK FCA's extension of synthetic USD LIBOR publication until September 2024. The regulator emphasizes that synthetic USD LIBOR availability does not justify delaying transition efforts and confirms that SOR will remain discontinued after June 30, 2023. Prompt action is required to mitigate operational risks and avoid unintended consequences from residual outstanding contracts once the USD LIBOR panel ends.
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