Recently, the SEC published a Staff Statement on LIBOR Transition (Staff Statement), which contains useful indications of the regulator’s thinking about the London Interbank Offered Rate (LIBOR) transition and also suggests concrete steps that market participants – including hedge funds – should take to address it. In a guest article, Anne E. Beaumont, partner at Friedman Kaplan Seiler & Adelman, discusses the key takeaways of the Staff Statement for private fund managers. For additional commentary from Beaumont on the LIBOR transition, see “How Hedge Fund Managers Can Prepare for the Anticipated ‘End’ of LIBOR” (Aug. 24, 2017). For coverage of other U.K.-related issues, see “Brexit Remains an Immediate FCA Concern for 2019/2020, With Regulatory Evolution a Longer-Term Area of Interest” (Jul. 18, 2019).