Synthetic LIBOR and the UK Critical Benchmarks (References and Administrators' Liability) Act 2021: 10 things that you need to know (December 2021)
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Introduction
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With a matter of weeks to go, the UK legislation to address contract continuity for contracts relying on synthetic LIBOR after 31 December has now received Royal Assent.
This quick overview might help your assessment of the Critical Benchmarks (References and Administrators' Liability) Act 2021 – especially given that the UK legislative approach (with its reliance on continued use of a forward-looking rate, albeit on a modified and temporary basis) differs from the statutory replacement approach adopted by the EU and the United States.
