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On December 16, 2022, the Board of Governors of the Federal Reserve System adopted remaining rule 12 C.F.R. Half 253, “Regulation Implementing the Adjustable Curiosity Price (LIBOR) Act (Regulation ZZ)” (“Rule 253” or the “Remaining Rule”). Rule 253 identifies SOFR-based benchmark charges that can substitute U.S. greenback LIBOR in sure monetary contracts after June 30, 2023. Rule 253 will grow to be efficient 30 days after its publication within the Federal Register.
The Remaining Rule responds to a number of rulemaking necessities of the Adjustable Curiosity Price (LIBOR) Act (“AIRLA”), and resolves some remaining questions on how excellent USD LIBOR contracts will transition to a substitute price after USD LIBOR ceases publication.
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