The FCA published new proposed decisions on whether and how to:

  • permit legacy use of 1 month, 3 month and 6 month sterling and 1 month, 3 month and 6 month yen LIBOR from 1 January 2022 (see Chapter 3)
  • prohibit new use of overnight, 1 month, 3 month, 6 month and 12 month US dollar LIBOR (see Chapter 4)

The consultation period ends on October 20th.

It also issued on the same day a Feedback Statement, summarising the comments received about CP21/15 [Benchmarks Regulation: how we propose to use our powers over use of critical benchmarks – issued in May 2021] and detailing the FCA responses to those comments.

Access the Consultation Paper here: https://www.fca.org.uk/publication/consultation/cp21-29.pdf

The Statement of Policy on the FCA’s power under Article 21A BMR:  https://www.fca.org.uk/publication/policy/statement-policy-21a-critical-benchmarks.pdf

The Statement of Policy on the FCA’s power under Article 23C BMR:  https://www.fca.org.uk/publication/policy/statement-policy-23c-critical-benchmarks.pdf

and a Feedback Statement – FCA use of powers over use of critical benchmarks here:  https://www.fca.org.uk/publication/feedback/fs21-10.pdf