CFTC Revised LIBOR Transition Letters

Divisions of the Commodity Futures Trading Commission (CFTC): Clearing and Risk (DCR), Market Oversight (DMO), and Market Participants (MPD) have issued revised Letters Regarding Market Participants Transitioning from LIBOR (21-26, 21-27, 21-28) to "extend and/or revise no-action letters each division granted in August 2020."

• The DMO and DCR issued "their revised letters, which are effective until June 30, 2023 for swaps otherwise covered by such letters to the extent such swaps reference one of the 2023 USD LIBOR Settings."
• The DCR and MPD "revised their respective letters to provide that eligible end users should use their best efforts to work toward amending the reference rate provisions in both Covered IRS (as defined in the revised letters) documentation and the related commercial arrangement documentation so that the rates referenced therein match again by June 30, 2023 to the extent that the Covered IRS references one of the 2023 USD LIBOR Settings."
• Link to CFTC announcement:

https://www.cftc.gov/PressRoom/PressReleases/8473-21