ICMA responds to FCA CP 21/29 on proposed decisions on the use of LIBOR (Articles 23C and 21A BMR)

 

20 October 2021 ICMA has responded to FCA CP 21/29 on proposed decisions on the use of LIBOR (Articles 23C and 21A BMR). ICMA welcomed the FCA’s proposal to grant a broad permission to use synthetic LIBOR because it will avoid significant legal and practical uncertainty arising in the legacy LIBOR bond market. ICMA also highlighted related considerations on the length of availability of synthetic sterling LIBOR and contract continuity when synthetic LIBOR is introduced.
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