On 5 March 2021, the UK’s Financial Conduct Authority (FCA) announced the dates for the cessation of LIBOR benchmarks.
This information is particularly important for the clients who use or intend to use LIBOR-based products.
FCA’s announcement arises from the application of the BMR, i.e. Regulation (EU) 2016/1011 of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014.
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Announcement on the end of LIBOR benchmarks after 31 December 2021