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Preparing for Take-Off: The LIBOR Transition and Aviation Finance | Pillsbury Winthrop Shaw Pittman LLP
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With only ten months left until the phase-out of the London
Interbank Offered Rate (
LIBOR ),
transition efforts should be well underway. In this bulletin, we
discuss the ICE Benchmark Administration (the
IBA ) and/or the Financial Conduct
Authority s (the
FCA ) expected
announcement about the official cessation of LIBOR, and highlight
the modified timelines for transitioning from LIBOR to an alternate
risk-free rate (
RFR ) recommended by
the relevant working groups.
1. Expected Announcement on LIBOR Cessation
On January 25, 2021, the administrator of LIBOR, the IBA,
concluded its consultation on the potential cessation of LIBOR
settings (the
IBA Consultation ).
1 The IBA intends to cease
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The International Maritime Organization (IMO) and the Women’s International Shipping & Trading Association (WISTA International) have launched an inaugural “Women in Maritime” survey to examine the proportion and distribution of women working in the maritime sector, from support roles to executive level positions.
The survey is part of a series of activities aimed at laying the groundwork for further discussions on how to build a more diverse workforce within the maritime sector. The data obtained by the survey is meant to help build a picture of diversity and gender equality in the industry.
The launch follows the 2020 signing of the IMO-WISTA Memorandum of Understanding (MoU) on promoting greater diversity and inclusion through enhanced cooperation activities in the maritime sector. The MoU, signed by IMO and WISTA International, aims to set a framework for both IMO and WISTA to promote gender diversity and inclusion as vital factors in providing a susta
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