In fall of 2019, a final rule to amend the "Volcker Rule" was approved by the Federal Reserve Board and other agencies charged with implementing the Volcker Rule. In January 2020, the agencies proposed further revisions to the covered funds provisions of the Volcker Rule, requesting comment by April 1, 2020.
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.
