UK Plans Rule Changes To Help FCA With Libor Switch

Law360, London (June 23, 2020, 4:33 PM BST) -- The government said Tuesday it plans to legislate to give Britain's markets regulator more powers to ensure that the Libor interest rate benchmark is wound down in an orderly way by the end of 2021.

Derivatives and some loans have already begun switching away from the benchmark, which has been rocked by scandal, to a new rate set by the Bank of England. But Chancellor Rishi Sunak said the government recognizes that it will not be possible to amend every financial contract by the end of next year and that legislative steps could help regulators deal with any pile-up of "legacy"...

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