FCA publishes statement on LIBOR contractual triggers

Industry News | 12/03/20

The Financial Conduct Authority (FCA) has published a statement on how it would announce LIBOR contractual triggers. Any such announcement will be:
• made via the Regulatory News Service, followed by a fuller statement on the FCA’s website;
• be clear that it will engage certain contractual triggers that are activated by pre-cessation or cessation announcements made by the FCA;
• be clear about which LIBOR currencies and tenors it relates to; and
• include the date of cessation, or the date from which the relevant LIBOR settings will not be representative.