The Alternative Reference Rates Committee (ARRC) released consultations on U.S. dollar (USD) LIBOR fallback contract language for bilateral business loans and securitizations for public feedback. These consultations outline draft language for new contracts that reference LIBOR so as to ensure these contracts will continue to be effective in the event that LIBOR is no longer usable.
Submitting Feedback about Consultations
The ARRC is seeking feedback on each proposed approach and on the key issues involved. The release of these consultations marks the start of a public comment period, during which the ARRC intends to work closely with stakeholders in these markets, including issuers, intermediaries, and end users, to solicit and incorporate their input. The consultations include multiple questions about each aspect of the potential fallback provisions. Comments should be sent to the ARRC Secretariat (arrc@ny.frb.org) no later than February 5, 2019. Please coordinate internally and provide only one response per institution. Please attach your responses in a PDF document and clearly indicate “Consultation Response” in the subject line of your email. Comments will be posted on the ARRC’s website after the close of the consultation period without alteration except when necessary for technical reasons. Comments will be posted with attribution unless respondents request anonymity. If your institution is requesting anonymity, please clearly indicate this in the body of your email and please ensure that the PDF document you submit is anonymized. Questions regarding the consultations should also be sent to the ARRC Secretariat (arrc@ny.frb.org) and will not be posted for attribution.