On 30 June 2022, the Financial Conduct Authority (FCA) announced a public consultation on winding down synthetic sterling LIBOR and US dollar LIBOR. Responses to the consultation will inform the review of FCA decisions to compel continued publication of the 1-, 3- and 6-month sterling LIBOR settings later this year, and in due course its assessment of whether to require continued publication of US dollar LIBOR on a synthetic basis when the US LIBOR panel ends on 30 June 2023. We would strongly encourage market participants from outside the UK (as well as those in the UK) to respond to this consultation given the global use of LIBOR and the fact that views are sought on US dollar LIBOR exposure and an assessment of whether to require continued publication of US dollar LIBOR on a synthetic basis. Consultation closes on 24 August 2022.

On 5 April 2022, the Financial Stability Board (FSB) published a statement welcoming the smooth transition away from LIBOR to robust alternative rates across global markets. Firms should maintain momentum in active transition of LIBOR legacy contracts referencing synthetic GBP and JPY LIBOR settings. The FSB intends to conduct a follow-up assessment in H2 2022 to identify any remaining transition and supervisory challenges in support of LIBOR transition.

On 3 March 2022, the Working Group on Euro Risk-Free Rates (the Euro Working Group) announced its 2022/23 Work Programme alongside a call for expressions of interest from administrators developing €STR-based term structures as a fallback in EURIBOR-linked contracts. The deadline for responses is 8 April 2022.