UK Introduces Bill To Give Libor Phase-Out Legal Clarity

By Lucia Osborne-Crowley (September 9, 2021, 11:47 AM BST) -- The U.K. government has introduced legislation that will clarify new powers given to the financial regulator to oversee the wind-down of the Libor interest-rate benchmark, including powers to allow some existing contracts to continue using the index after it has been phased out.

The government's bill will clarify the new power for the City of London watchdog to regulate the phase-out of Libor, which has been tarnished by market-rigging scandal. (iStock) The Critical Benchmarks (References and Administrators' Liability) Bill, introduced by the government on Wednesday, will make clear the new power for the Financial Conduct Authority to regulate the phase-out of the...

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