Legislation

ARRC Endorses Decision to Sign New York State LIBOR Legislation into Law

April 7, 2021
The ARRC applauded New York State Governor Andrew Cuomo for signing the LIBOR legislation into law — a step that will help to minimize legal uncertainty and adverse economic impacts associated with the transition from LIBOR. Initially presented by the ARRC last year, this new law addresses the issue of legacy contracts that mature after mid-2023 and do not have effective fallbacks.

Passage of LIBOR Legislation by the New York State Legislature

March 24, 2021
The ARRC welcomed action by the New York State Legislature to reduce risks associated with the transition away from USD LIBOR by passing Senate Bill 297B/Assembly Bill 164B. This legislation will be crucial in minimizing legal uncertainty and adverse economic impacts associated with the transition—providing greater certainty to investors, businesses, and consumers as the financial system moves away from LIBOR.

ARRC Proposal for New York State Legislation for USD LIBOR Contracts

March 1, 2021
The ARRC posted an updated version of its proposed legislation which was included in Governor Cuomo's 30-day amendments to the New York State's Executive Budget to reflect certain technical amendments. This amends the draft  legislation language that was originally included in the New York State Executive Budget and first released by the ARRC on March 6, 2020.

The proposal is intended to minimize legal uncertainty and adverse economic impacts associated with the LIBOR transition. On December 16, 2020, a letter signed by several ARRC members and other firms and associations was posted to the SIFMA website, expressing support for the ARRC's draft legislative approach.

To promote broader engagement on the proposal, the ARRC released a webinar in April 2020 that provided an in-depth overview of the draft legislation.  The ARRC also set out key legislative principles related to its work on legislative solutions which is reflected in Attachment 1 of the October 21, 2020 ARRC meeting minutes.

Webinar on ARRC Proposal for New York State Legislation for USD LIBOR Contracts

December 17, 2020
To promote broader engagement on the proposal, the ARRC released a webinar in April 2020 that provided an in-depth overview of the draft legislation. The ARRC also set out key legislative principles related to its work on legislative solutions which is reflected in Attachment 1 of the October 21, 2020 ARRC meeting minutes.