This bill clarifies how contracts referencing LIBOR and other critical benchmarks should be treated after the FCA designates them as no longer representative, and protects benchmark administrators from liability when following FCA instructions.
A Bill to make provision about the meaning of references to Article 23A benchmarks in contracts and other arrangements; and to make provision about the liability of administrators of Article 23A benchmarks
Status: Act of Parliament
Current House: Unassigned
Stage: Royal Assent
Sponsored by: Lord Agnew of Oulton, John Glen
Introduced: 2021-09-08
Royal Assent: 2021-12-15