Broadcast Date: Wednesday, May 12, 2021
from 12:00 pm to 1:00 pm (ET)
Overview:
The scheduled phase-out of the London Interbank Offered Rate (LIBOR) by the end of 2021 is currently posing significant transition challenges for banks and all concerned individuals. Furthermore, ICE Benchmark Administration Limited (IBA) announced last December 2020 the extension of U.S. dollar (USD) LIBOR through June 2023, creating a change in the LIBOR transition process and opening more ambiguities in managing USD contracts.
With these and other critical issues incessantly emerging in the backdrop, it is necessary for financial institutions to keep themselves abreast of the latest developments and develop a strategic plan to ensure that risks and pitfalls are well-mitigated.
In this LIVE CLE Webcast, business transaction experts Les Jacobowitz (Arent Fox) and Paul Noring (Berkeley Research Group) will provide the audience with an in-depth analysis of the critical issues surrounding LIBOR. Speakers will also offer the best practices that are essentially needed in this evolving area of law.
Some of the major topics that will be covered in this course are:
- Overview of USD LIBOR
- Recent Trends and Developments
- LIBOR Indices Set to Transition by Year-End 2021
- U.S. Regulator on No New LIBOR Contracts After 2021
- Ramifications of ISDA Protocol’s Immediate Implementation
- New USD LIBOR Transition Timeline
- Red Flags
- Practical Tips and Best Practices
- What Lies Ahead
LEARNING OBJECTIVES:
- Recognize significant regulatory developments surrounding LIBOR transition
- Identify key considerations when selecting LIBOR alternatives
Credit:
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE); Group-Internet Based
Prerequisite:
General knowledge of the London Interbank Offered Rate (LIBOR)
Course Code:
149371
NASBA Field of Study:
Finance – Technical
NY Category of CLE Credit:
Areas of Professional Practice
Total Credit:
1.0 CLE
1.0 CPE (Not eligible for QAS (On-demand) CPE credits)
How to Claim CLE Credits Per State:
https://knowledgewebcasts.com/how-to-claim-cle-credits-per-state/
CLE State Requirements:
https://knowledgewebcasts.com/cle-state-requirements/
CPE State Requirements:
Speaker Panel:
Les Jacobowitz, Partner
Arent Fox
Les has over 30 years of experience representing issuers, borrowers (including not-for-profits), governmental entities, underwriters, and financial institutions in domestic and international transactions. He has provided counsel on deals involving $25 billion or more, as well as restructurings and workouts of an additional $41 billion. He has worked with governmental entities, private companies, banks, investment banks and funds in all aspects of financing, including the lending, securitization, real estate, public finance, not-for-profit, health care, restructuring, energy & environment, and infrastructure & privatization financing areas and related litigation. He is also experienced in financings involving asset-backed securities, collateralized debt obligations, collateralized loan obligations, and commercial mortgage-backed securities, representing issuers, investment banks, funds, liquidity banks, and credit enhancers.
Paul Noring, Managing Director
Berkeley Research Group
Paul Noring, CPA is a Managing Director with Berkeley Research Group based out of Washington, DC. Mr. Noring has over 33 years of banking and capital markets experience. Prior to joining BRG in September 2019, he spent thirteen years at Navigant Consulting where he led the Banking, Insurance & Capital Markets practice. Prior to that he was a senior officer at Fannie Mae and a Partner in the Banking & Capital Markets group at PricewaterhouseCoopers.
Over the last three years, Mr. Noring has been deeply involved in LIBOR transition efforts. He is a member of the Mortgage Bankers Association (MBA) LIBOR Transition working group. He has given speeches, webinars, townhalls and training on the topics to various financial institutions. He has also written thought leadership pieces and spent considerable time evaluating non-SOFR alternatives such as Ameribor. He has worked with both mid-size banks and large institutions around their transition efforts. Most of the initial emphasis has been on governance, mobilization, project planning and program management. He is also actively involved in addressing system considerations associated with moving from simple interest calculations to compound interest.
Mr. Noring has deep prior experience with loan accounting, derivative operations, hedge accounting and asset / liability management. He has worked with all types and sizes of financial institutions from community banks to almost all of the world’s largest global institutions. He has also spent significant time interfacing with Boards of Directors and bank regulators.
Agenda:
Les Jacobowitz, Partner
Arent Fox
- Magnitude of Derivatives
- Governance & Compliance Case Study (Citibank) & Related U.K. Banking Standards Board Survey
- U.S. Regulator LIBOR Transition Guidance
- Relevant U.S. Laws and Regulations
- Transitional and Bank Documentation Issues
Paul Noring, Managing Director
Berkeley Research Group
- Credit Sensitive Alternatives (move away from SOFR);
- Overnight rates (compounding in arrears) versus forward rates;
- Early fallback triggers in securitization structures;
- Synthetic LIBOR considerations;
Date & Time:
Wednesday, May 12, 2021
12:00 pm to 1:00 pm (ET)
Who Should Attend:
- Chief Financial Officers
- Banking and Finance Lawyers
- Chief Credit Officers
- Chief Lending Officers
- Chief Accounting Officers
- Loan Officers and Managers
- Chief Risk Officers
- Chief Compliance Officers
- In-house Counsel
- Banking and Finance Executives
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