On January 23rd, 2020, the New York Department of Financial Services (NYDFS) issued an update to the Industry Letter issued on December 23rd, 2019,1 requesting all NYDFS regulated entities to submit an Assurance of Preparedness for the London Interbank Offered Rate (LIBOR) Transition, and the cessation of LIBOR in December 2021.2  

In the update the NYDFS stated that the department had received numerous requests from financial services firms to extend the time to respond to the Industry Letter. They stated that it is imperative that all NYDFS regulated institutions with exposure to LIBOR have comprehensive plans in place to mitigate any risks.3 To make sure these plans are robustly formulated, the department is extending the deadline for responding to the Industry Letter to March 23rd, 2020, an additional 45 days beyond the original February 7th, 2020, deadline.4  

In its update the NYDFS states that “This is a final deadline.”5 

Read our full regulatory alertNYDFS requests assurance of preparedness for LIBOR transition.

Visit our LIBOR offering page to learn how our solutions can help you transition from LIBOR with confidence. 

References: 

  1. Request for Assurance of Preparedness for LIBOR Transition (Update),” New York Department of Financial Services, January 23, 2020. Access at: https://www.dfs.ny.gov/system/files/documents/2020/01/il20200123_libor_update.pdf.  
  2. “Financial Services Superintendent Linda A. Lacewell Announces Action to Ensure Regulated Financial Institutions are Prepared for LIBOR Transition,” New York Department of Financial Services, December 23, 2019. Access at:  https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1912231. 
  3. “Request for Assurance of Preparedness for LIBOR Transition (Update),” New York Department of Financial Services, January 23, 2020. Access at: https://www.dfs.ny.gov/system/files/documents/2020/01/il20200123_libor_update.pdf  
  4. Ibid 
  5. Ibid 

Newsletter Author: Venetia WooMairi Bryan

Newsletter Contact Person: Venetia Woo 

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