Noting that we are at “the start of the next critical stage in the transition away from LIBOR,” Federal Reserve Vice Chair for Supervision Randal K. Quarles delivered taped remarks at the June 3, 2019 Alternative Reference Rates Committee Roundtable, cohosted by the Alternative Reference Rates Committee and the New York University Stern School of Business and Salomon Center for the Study of Financial Institutions. Vice Chair Quarles reiterated warnings from regulators regarding the potential instability of LIBOR and stated that “[m]y key message to you today is that you should take the warnings seriously.” Quarles urged that the transition away from LIBOR should begin now and “simply to stop using LIBOR” is the easier path: “regardless of how you choose to transition, beginning that transition now would be consistent with prudent risk management and the duty that you owe to your shareholders and clients.” The Wall Street Journal reported that, “while the amount of debt linked to SOFR surpassed $100 billion last month, roughly eight times that amount of Libor-linked notes have been sold.” You can read Vice Chair Quarles’ full remarks here.
As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, companies are facing perhaps the most challenging regulatory and criminal enforcement environment. Our goal is to serve as a leading-edge resource for companies navigating these waters. Moore & Van Allen’s News Clips is a complement to our White Collar Defense, Investigations, and Regulatory Advice Blog’s in-depth individual treatment of critical emerging issues. News Clips hits the highlights of recent developments, streamlining access to critical information for our readers. Subscribe to the White Collar Defense, Investigations, and Regulatory Advice Blog via email or RSS to ensure that you receive News Clips, as well as our comprehensive posts. Please contact us if you have any questions regarding the materials covered.
About MVA White Collar Defense, Investigations, and Regulatory Advice Blog
As government authorities around the world conduct overlapping investigations and bring parallel proceedings in evolving regulatory environments, companies face challenging regulatory and criminal enforcement dynamics. We help keep our clients up to date in these fast-moving areas and to serve as a thought leader.
MVA White Collar Defense, Investigations, and Regulatory Advice Blog Updates
- Takeaways from the 2023 South Asian Bar Associate Conference
- The Federal Reserve, FDIC and OCC Issue Final Guidance on Risk Management in Third-Party Relationships
- Tanisha Palvia and Alli Davidson co-author article: SCOTUS clarifies intent requirement for False Claims Act cases
- New Legal Challenge Emerges to FDIC’s Supervisory Guidance on Re-presentment and Non-Sufficient Funds Fees