PLAY RECORDING

Broadcast Date: Tuesday, September 13, 2022
from 2:00 pm to 3:00 pm (ET)

Overview:

The London Interbank Offered Rate, most popularly known as LIBOR, is one of the most important interest reference rates in the world.  However, for several years, LIBOR has been hounded by many challenges and controversies. As a result, the U.K. Financial Conduct Authority (FCA) announced that LIBOR will permanently cease immediately after December 31, 2021 for all currencies except (i) most U.S. Dollar facilities, (ii) the British Pound and (iii) the Japanese Yen.  The FCA announced that (i) USD LIBOR is to terminate on June 30, 2023, (ii) Yen LIBOR is expected to terminate in 2022 and (iii) Pound LIBOR’s end date has not yet been determined.  As part of the transition, benchmarks are transitioning to alternative risk-free rates (RFRs), or alternative commercial proprietary benchmarks which regulators have warned may have similar flaws to LIBOR.

The move away from LIBOR has been creating a drastic impact on all financial and non-financial institutions and a myriad of financial instruments on derivative and cash markets. Although banks have been making progress in their transition with respect to some financial products, all must still be wary of potential challenges and drawbacks in the ongoing transition process and the post-LIBOR era.

In this LIVE Webcast, attorneys Adam Schneider (Oliver Wyman), a firm thought leader in LIBOR, and Les Jacobowitz (ArentFox Schiff, LLP), a prolific speaker and author on the impact of the LIBOR  transition,  will present a timely and engaging discussion of the LIBOR transition and surrounding key issues. The distinguished speakers will also share significant market trends and practical strategies to ensure compliance amid the shifting landscape.

Key topics that will be covered in this discussion are:

  • LIBOR Transition: Significant Market Trends
  • Key Transition Milestones
  • Transition Documentation Concerns
  • Risk Management at Play
  • The Post-LIBOR World: What’s Next?

Learning Objectives:

  • Determine notable market trends and other key issues surrounding the LIBOR transition.
  • Identify practical strategies to avoid potential compliance mishaps and drawbacks amid the ongoing transition process.

Credit:

Course Level:

Intermediate

 

Advance Preparation:

Print and review course materials

 

Method of Presentation:

On-Demand Webcast

 

Prerequisite:

General knowledge of the London Interbank Offered Rate (LIBOR)

 

Course Code:

1410243

 

NY Category of CLE Credit:

Areas of Professional Practice

 

NASBA Field of Study:

Business Law – Technical

 

Total Credit:

1.0 CLE

1.0 CPE (Not eligible for QAS (On-demand) CPE credit)

Speaker Panel:

Les Jacobowitz, Partner
ArentFox Schiff LLP

Les 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 represents clients in diverse transactions involving commercial and economic development, nursing homes, hospitals, assisted living facilities, university and student loans, and multifamily and single family housing. Les is also a prolific speaker and author on the threat and impact of the LIBOR transition, and has successfully worked with clients to negotiate fair terms regarding LIBOR transition rates.

Adam Schneider, Partner
Oliver Wyman

Adam Schneider is a Partner in Oliver Wyman’s Financial Services practice working from New York with over 30 years of consulting and financial services experience. He focuses on the intersection of Digital capabilities and Financial markets. He has consulted in Retail Banking, Capital Markets, Trading, Transaction Banking, Wealth Management, Asset Management, Custody, and Home Lending, leading some of the industry’s most complex transitions. He serves both traditional firms and Fintech/Crypto-natives. Adam leads Oliver Wyman’s Digital Asset practice in Banking and Wealth Management and since 2017 is global co-lead of Oliver Wyman’s LIBOR Transition platform.

Adam is active in the industry supporting the Federal Reserve, Bank of Canada, Bank of Japan, IIF, SIFMA, the Bretton Woods Committee and the Global Digital Currency Association.

Agenda:

Les JacobowitzPartner

ArentFox Schiff LLP

AND

Adam SchneiderPartner

Oliver Wyman

  1. Status of the transition – where you should be today.
    1. Global status of transition
    2. Remaining US activities
    3. Identification of fallbacks in contracts
    4. Use of non-LIBOR in new loans/production
    5. Processes for customer notification
  2. Forward milestones
    1. July 2023 end of USD LIBOR
    2. 6 month notification period prior to end of USD LIBOR
  3. Regulatory status and issues/concerns
    1. US Federal legislation and Fed regulatory interpretation (still preliminary)
    2. Possible Synthetic LIBOR from FCA
    3. …and can you use Synthetic LIBOR if it exists?  - In the US? - Globally?
    4. …impact on plans for end of LIBOR is synthetic exists
  4. Market concerns
    1. Operational: how will we do this, anyway?
    2. Balance sheet and economics of moving from LIBOR to SOFR
    3. Will credit sensitive rates gain a larger share?
  5. Conclusion

Date & Time:

Tuesday, September 13, 2022

2:00 pm to 3:00 pm (ET)

Materials:

Download Course Materials

Who Should Attend:

  • Fund Managers
  • Investment Managers
  • Chief Financial Officers
  • Chief Credit Officers
  • Chief Risks Officers
  • Chief Lending Officers
  • Loans Officers and Managers
  • In-house Counsel
  • Top Level Executives from Banks

SPEAKERS

Les JacobowitzPartner
ArentFox Schiff LLP
Adam SchneiderPartner
Oliver Wyman

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