Financial Stability Board Calls for Action on LIBOR Transition

The Financial Stability Board (FSB) has published a progress report to the G20 on LIBOR transition and remaining issues, noting that with timelines for cessation of LIBOR panels confirmed at the end of 2021 and mid-2023 ‘there should be no remaining doubts as to the urgency of the need to transition away from LIBOR by the end of 2021’. The FSB says the extent of risks associated with a failure to prepare adequately for LIBOR transition means the onus is now on firms to act. With limited time available until end-2021, it urges market participants to complete the steps set out in its Global Transition Roadmap.