Advisers Should Be Planning Now for the End of LIBOR

The sunset of the London Interbank Offered Rate (LIBOR) at the end of 2021 is fast approaching and is likely to affect multiple areas of an investment adviser’s operations, including portfolio management; client agreements and disclosures; fee calculations; and counterparty contracts, according to the speakers at a recent ACA Compliance Group (ACA) seminar. The program, which discussed the unified regulatory approach to the LIBOR transition and the steps advisers should be taking to navigate that transition, featured Michael Abbriano and Andrew Poole, director and senior principal consultant, respectively, at ACA; John Mack, managing director at Oak Hill Advisors, LP; Robin Meister, professor at New York Law School and former global head of U.S regulatory affairs at BNP Paribas Asset Management; and Leonard Ng, partner at Sidley Austin. This article distills the critical takeaways from the presentation. For additional insights from Ng, see “The European Commission and ESMA Lay Groundwork for AIFMD II” (Sep. 17, 2020).

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