3.24.21
On March 24, the New York State Legislature approved a bill presented by the Alternative Reference Rates Committee (ARRC), and supported by SFA, to clarify and promote financial stability as market participants prepare for the discontinuation of LIBOR. The bill now heads to Governor Cuomo for his signature.
Although New York State law governs a significant number of the nation’s financial contracts referencing LIBOR, SFA continues to advocate for federal legislation in Congress that comprehensively addresses inadequate LIBOR fallback provisions and applies a consistent, fair approach to all legacy LIBOR contracts governed under U.S. law.