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Overview:

Effective December 31, 2021, the London Interbank Offered Rate (LIBOR) will be replaced by the Secured Overnight Financing Rate (SOFR) as a primary benchmark index. The impending transition is expected to disrupt the whole market structure and pose significant challenges and risks to financial institutions.

Firms of all sizes should now start preparing for the transition’s impact to effectively guard their interests and address potential risk issues. Practitioners must also keep themselves abreast of the latest developments concerning the shift, to effectively manage critical consequences on various fronts.

In this LIVE Webcast, a panel of distinguished professionals and thought leaders will help financial institution executives and practitioners better navigate and address emerging LIBOR transition issues. They will also offer best practices in amending commercial loan agreements in light of recent developments.

Key topics include:

  • LIBOR to SOFR: Transition Overview
  • SOFR Volatility
  • Impacted Instruments
  • Regulatory Guidance: Updates
  • Addressing Litigation Issues
  • Amending Commercial Loan Agreements: Best Practices

Learning Objectives:

  • Determine key considerations firms should take in LIBOR transition
  • Identify the implications of LIBOR transition on commercial loan agreements
  • Recognize the market trends and various issues concerning LIBOR transition
  • Identify litigation risks from legacy contracts

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:

148941

 

NY Category of CLE Credit:

Areas of Professional Practice

 

NASBA Field of Study:

Finance - Technical

 

Total Credits:

2.0 CLE

2.0 CPE (Not eligible for QAS (On-demand) CPE credits)

Speaker Panel:

Roger S. Chari, Partner and Chair, LIBOR Transition Group
Duane Morris LLP

Roger S. Chari is a partner at Duane Morris LLP, where he focuses on a wide variety of secured lending and other finance transactions, primarily for lenders and underwriters but also for borrowers and issuers. He structures, negotiates, reviews and closes secured finance transactions for a wide range of domestic and foreign lending clients in different secured lending markets from $1.5 million to $6 billion, both in and out of bankruptcy. A significant part of Mr. Chari’s practice encompasses swaps and derivatives for financial institutions, primarily on interest rate transactions but also for currency and commodity trades. Mr. Chari is head of the firm’s new LIBOR Transition Inter-Disciplinary Group. The group draws from the firm’s broad experience in lending, regulatory, tax and other areas to guide lenders through the complex transition process. Mr. Chari is a cum laude graduate of Harvard Law School and a summa cum laude graduate of Rutgers University.

Alexey Surkov, Partner and Chair, LIBOR Transition Group
Deloitte & Touche LLP

Alexey is a Deloitte Risk & Financial Advisory partner with over 20 years of experience. He co-leads Deloitte’s LIBOR Transition services and leads the Model Risk Management team in Deloitte & Touche LLP. He works primarily in the areas of model risk management, quantitative modeling, valuation, and model validation. For more than 18 years, Alexey has assisted a number of clients on projects related to modeling and model validation, specializing in modeling and risk management of complex fixed income, mortgage, equity, foreign exchange, and credit products, as well as modeling of market, counterparty credit, liquidity, and operational risk at large financial institutions

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. Learn more here.

Jeremy Andersen, Partner
Quinn Emanuel Urquhart & Sullivan, LLP

Jeremy is a litigator that often serves as “translator” for his teams, turning complex financial data into plain-English allegations and motions.  He has repeatedly deployed his ability to do so on behalf of plaintiffs in his many cutting-edge, high-stakes cases involving a wide variety of financial instruments.  He was a key architect of a groundbreaking damages theory holding the class together, and then of a plan of distribution for $500 million in settlement funds, in the ISDAfix benchmark case. From mortgage-backed securities, to benchmark-rigging, to allegations the banks have distorted the evolution of the financial marketspace, he has long been at the forefront of the largest cases against Wall Street, both for individual plaintiffs and class members.

Agenda:

Alexey Surkov, Partner -Deloitte Risk & Financial Advisory

Deloitte & Touche LLP

  • What is LIBOR, and why and when is it going away?
  • What risks firms face in connection with LIBOR Transition?
  • What should firms be doing today to prepare for LIBOR Transition?
  • Case studies
  • Q&A

Roger S. Chari, Partner and Chair, LIBOR Transition Group

Duane Morris LLP

LIBOR Transition- Amending All Those Commercial Loan Agreements

  • What Documents Are Affected?
  • Diligencing What The Documents Say
  • Broaching the Subject with Counterparties
  • Documenting and Negotiating the Amendments
  • Q&A

Les Jacobowitz, Partner

Arent Fox

  • Market/Transition Overview
  • General LIBOR Transition Timeframe
  • Impacted Instruments
  • Federal Reserve/Other Regulatory Body Guidance
  • Proposed ARRC Language
  • SOFR Volatility
  • Spread Calculation
  • Disclosure and other Litigation Issues

Jeremy Andersen, Partner

Quinn Emanuel Urquhart & Sullivan, LLP

  • Litigation Risks from Legacy Contracts

Date & Time:

Wednesday, February 26, 2020

12:00 pm to 2:00 pm (ET)

Materials:

Download Course Materials

Who Should Attend:

  • Companies with a large dollar amount of financial instruments tied to LIBOR
  • Company Executives
  • Chief Financial Officers
  • Chief Credit Officers
  • Chief Lending Officers
  • Chief Risk Officers
  • Chief Compliance Officers
  • Loan Officers and Managers
  • In-House and Outside Counsel

SPEAKERS

Roger S. ChariPartner and Chair, LIBOR Transition Group
Duane Morris LLP
Alexey SurkovPartner and Chair, LIBOR Transition Group
Deloitte & Touche LLP
Les JacobowitzPartner
Arent Fox
Jeremy AndersenPartner
Quinn Emanuel Urquhart & Sullivan, LLP

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