Regulatory Alerts2021-07-14
Added
Updates and FAQs on Supervisory Expectations for Benchmarks Transition
The Monetary Authority of Singapore extended the deadline for financial institutions to cease new JPY LIBOR derivatives contracts maturing after December 2021 from June to September 2021 to align with cross-industry benchmarks. The regulator mandated urgent completion of transition tasks and increased monitoring frequency as the end-December 2021 cessation milestone approaches. This circular also provides revised timelines and FAQs to clarify expectations regarding contractual fallback provisions and system readiness for alternative reference rates.
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