The New York LIBOR Legislative Solution Becomes Law | Mayer Brown Free Writings + Perspectives

On April 7, 2021, the 
proposed New York “legislative solution” for legacy USD LIBOR contracts became Article 18-C of the New York General Obligations Law. Article 18-C is primarily aimed at USD LIBOR contracts, securities or instruments (
e.g., floating rate notes (“FRNs”), loans, securitizations and mortgages) with the 2006 ISDA Definitions LIBOR fallbacks, or no fallback provisions at all, and which are governed by New York law. This article focuses on the law’s effect on USD LIBOR FRNs.
Article 18-C has no effect on USD LIBOR FRNs that have the Alternative Reference Rate Committee’s (“ARRC”) recommended fallback provisions to the secured overnight financing rate (“SOFR”), nor does it have any effect on non-USD LIBOR FRNs.

Related Keywords

New York ,United States , ,Reference Rate Committee ,Uk Financial Conduct Authority ,Mayer Brown Free Writings ,New York General Obligations ,Alternative Reference Rate Committee ,Administration Limited ,Conduct Authority ,புதியது யார்க் ,ஒன்றுபட்டது மாநிலங்களில் ,குறிப்பு ரேட் குழு ,இங்கிலாந்து நிதி நடத்தை அதிகாரம் ,மாற்று குறிப்பு ரேட் குழு ,நடத்தை அதிகாரம் ,