On 15 October, the FCA launched a questions and answers page on its website, addressing the frequently asked questions it has received in relation to its powers under the UK Benchmarks Regulation and the publications that the FCA made on 29 September. The questions and answers address the use of synthetic LIBOR, its impact on contractual provisions, and other general queries on synthetic LIBOR's use.

On 29 September 2021, the UK's Financial Conduct Authority (FCA) launched a consultation on the use of synthetic LIBOR rates and restricting the use of USD LIBOR. The FCA has also released related documentation on arrangements for the orderly cessation of LIBOR. The FCA has published notices confirming that it will require the continued publication of 1-, 3- and 6-month sterling and Japanese yen LIBOR settings under a 'synthetic' methodology. The consultation contains a proposal from the FCA to permit legacy use of synthetic sterling and Japanese yen LIBOR in all contracts except cleared derivatives at least for the duration of 2022. Responses to the consultation are due by 20 October.

On 30 September 2021, we published an updated version of the table which sets out RFR referencing loans which have been announced to date. The update reflects EBL's first SOFR-based transaction in the Bangladeshi market, and a Singaporean JV involving City Developments Limited and MCL Land through which both parties have taken out their first SORA-based green loans. The list is not comprehensive of all loan market transactions referencing RFRs given the private nature of the loan market.

Please contact Kam Hessling to submit a transaction to the list.