Managing and Preparing for LIBOR Transition: Practical Guide
Effective December 31, 2021, the London Interbank Offered Rate (LIBOR) will be replaced by the Secured Overnight Financing Rate (SOFR) as a primary benchmark index. The impending transition is expected to disrupt the whole market structure and pose significant challenges and risks to financial institutions.
Firms of all sizes should now start preparing for the transition’s impact to effectively guard their interests and address potential risk issues. Practitioners must also keep themselves abreast of the latest developments concerning the shift, to effectively manage critical consequences on various fronts.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders will help financial institution executives and practitioners better navigate and address emerging LIBOR transition issues. They will also offer best practices in amending commercial loan agreements in light of recent developments.
Key topics include:
- LIBOR to SOFR: Transition Overview
- SOFR Volatility
- Impacted Instruments
- Regulatory Guidance: Updates
- Addressing Litigation Issues
- Amending Commercial Loan Agreements: Best Practices
- Determine key considerations firms should take in LIBOR transition
- Identify the implications of LIBOR transition on commercial loan agreements
- Recognize the market trends and various issues concerning LIBOR transition
- Identify litigation risks from legacy contracts
Alexey Surkov, Partner -Deloitte Risk & Financial Advisory
Deloitte & Touche LLP
- What is LIBOR, and why and when is it going away?
- What risks firms face in connection with LIBOR Transition?
- What should firms be doing today to prepare for LIBOR Transition?
- Case studies
Roger S. Chari, Partner and Chair, LIBOR Transition Group
Duane Morris LLP
LIBOR Transition- Amending All Those Commercial Loan Agreements
- What Documents Are Affected?
- Diligencing What The Documents Say
- Broaching the Subject with Counterparties
- Documenting and Negotiating the Amendments
Les Jacobowitz, Partner
- Market/Transition Overview
- General LIBOR Transition Timeframe
- Impacted Instruments
- Federal Reserve/Other Regulatory Body Guidance
- Proposed ARRC Language
- SOFR Volatility
- Spread Calculation
- Disclosure and other Litigation Issues
Jeremy Andersen, Partner
Quinn Emanuel Urquhart & Sullivan, LLP
- Litigation Risks from Legacy Contracts
Who Should Attend:
- Companies with a large dollar amount of financial instruments tied to LIBOR
- Company Executives
- Chief Financial Officers
- Chief Credit Officers
- Chief Lending Officers
- Chief Risk Officers
- Chief Compliance Officers
- Loan Officers and Managers
- In-House and Outside Counsel
Roger S. Chari is a partner at Duane Morris LLP, where he focuses on a wide variety of secured lending and other finance transactions, primarily for lenders and underwriters but also for borrowers and issuers. He structures, negotiates, reviews and closes secured finance transactions for a wide range of domestic and foreign lending clients in different secured lending markets from $1.5 million to $6 billion, both in and out of bankruptcy. A significant part of Mr. Chari’s practice encompasses swaps and derivatives for financial institutions, primarily on interest rate transactions but also for currency and commodity trades. Mr. Chari is head of the firm’s new LIBOR Transition Inter-Disciplinary Group. The group draws from the firm’s broad experience in lending, regulatory, tax and other areas to guide lenders through the complex transition process. Mr. Chari is a cum laude graduate of Harvard Law School and a summa cum laude graduate of Rutgers University.
Roger S. Chari is a partner at Duane Morris LLP, where he focuses on a wide variety of secured lending …
Alexey is a Deloitte Risk & Financial Advisory partner with over 20 years of experience. He co-leads Deloitte’s LIBOR Transition services and leads the Model Risk Management team in Deloitte & Touche LLP. He works primarily in the areas of model risk management, quantitative modeling, valuation, and model validation. For more than 18 years, Alexey has assisted a number of clients on projects related to modeling and model validation, specializing in modeling and risk management of complex fixed income, mortgage, equity, foreign exchange, and credit products, as well as modeling of market, counterparty credit, liquidity, and operational risk at large financial institutions
Alexey is a Deloitte Risk & Financial Advisory partner with over 20 years of experience. He co-leads Deloitte’s LIBOR Transition …
Les has over 30 years of experience representing issuers, borrowers (including not-for-profits), governmental entities, underwriters, and financial institutions in domestic and international transactions. He has provided counsel on deals involving $25 billion or more, as well as restructurings and workouts of an additional $41 billion. He has worked with governmental entities, private companies, banks, investment banks and funds in all aspects of financing, including the lending, securitization, real estate, public finance, not-for-profit, health care, restructuring, energy & environment, and infrastructure & privatization financing areas and related litigation. He is also experienced in financings involving asset-backed securities, collateralized debt obligations, collateralized loan obligations, and commercial mortgage-backed securities, representing issuers, investment banks, funds, liquidity banks, and credit enhancers. Learn more here.
Les has over 30 years of experience representing issuers, borrowers (including not-for-profits), governmental entities, underwriters, and financial institutions in domestic …
Jeremy is a litigator that often serves as “translator” for his teams, turning complex financial data into plain-English allegations and motions. He has repeatedly deployed his ability to do so on behalf of plaintiffs in his many cutting-edge, high-stakes cases involving a wide variety of financial instruments. He was a key architect of a groundbreaking damages theory holding the class together, and then of a plan of distribution for $500 million in settlement funds, in the ISDAfix benchmark case. From mortgage-backed securities, to benchmark-rigging, to allegations the banks have distorted the evolution of the financial marketspace, he has long been at the forefront of the largest cases against Wall Street, both for individual plaintiffs and class members.
Jeremy is a litigator that often serves as “translator” for his teams, turning complex financial data into plain-English allegations and …
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE); Group-Internet Based
General knowledge of the London Interbank Offered Rate (LIBOR)
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Finance - Technical
2.0 CPE (Not eligible for QAS (On-demand) CPE credits)
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About Duane Morris LLP
Duane Morris LLP, a law firm with more than 800 attorneys in offices across the United States and internationally, is asked by a broad array of clients to provide innovative solutions to today's legal and business challenges. For decades, Duane Morris has provided leading national and international financial institutions with a full range of legal services. From commercial loan documentation, regulatory compliance and workouts to commercial litigation, intellectual property, bankruptcy and employment law, Duane Morris offers experienced and comprehensive business and legal guidance for banking and finance clients. Guiding our client service is a simple, unwavering focus on thoroughly understanding their business and providing solutions enabling them to reach their goals. By practicing law this way, we've built strong relationships with 70% of the top 75 U.S. bank holding companies. The transition from LIBOR affects many facets of a bank’s business; Duane Morris is well-positioned to assist clients every step of the way to ensure a smooth transition.
About Deloitte & Touche LLP
Deloitte Risk & Financial Advisory helps organizations effectively navigate business risks and opportunities—from strategic, reputation, and financial risks to operational, cyber, and regulatory risks—to gain competitive advantage.
We apply our experience in ongoing business operations and corporate lifecycle events to help clients become stronger and more resilient. Our market-leading teams help clients embrace complexity to accelerate performance, disrupt through innovation, and lead in their industries.
LIBOR impacts organizations in numerous ways, from LIBOR-based loans to core operating processes. Stay up to date on the latest news and strategies from Deloitte as financial services firms prepare to transition from LIBOR to SOFR. Learn more. www2.deloitte.com/us/en/../libor-transition-resource.html
About Arent Fox
Smart In Your World
Founded in 1942, Arent Fox is internationally recognized in core practice areas where business and the law intersect. With more than 450 lawyers and professionals, the firm provides strategic legal counsel and multidisciplinary solutions to a global roster of corporations, governments, and trade associations.
About Quinn Emanuel Urquhart & Sullivan, LLP
Quinn Emanuel is a 800+ lawyer business litigation firm—the largest in the world devoted solely to business litigation and arbitration with 23 global office locations. Firm lawyers have tried over 2,300 cases, winning 88% of them. When representing defendants, Quinn Emanuel’s trial experience gets better settlements or defense verdicts. When representing plaintiffs, Quinn Emanuel lawyers have won over $70 billion in judgments and settlements. Quinn Emanuel has also obtained five 9-figure jury verdicts, forty- three 9-figure settlements, and nineteen 10-figure settlements. FTI Consulting named Quinn Emanuel the biggest litigation firm in the world. The American Lawyer named Quinn Emanuel the top IP litigation firm in the U.S. and the firm as one of the top six commercial litigation firms in the country. We were voted six times as one of the four “most feared” firms by General Counsels at Fortune 500 companies — the lawyers they “least like to see” on the other side. The UK legal periodical, The Lawyer named us “International Firm of the Year.” Law360 selected us as Antitrust, Appellate, Banking, Class Action, Insurance, Product Liability, IP, White Collar, and Trials “Practice Groups of the Year.” Managing IP twice recognized us as having the “Best ITC Litigation Practice” and honored us with the “Patent Contentious West” award. Legal Business has named us “US Law Firm of the Year” three times, and our German offices have been named both IP Litigation and Patent Litigation Firm of the Year by JUVE, Germany’s most prestigious legal publication. Global Investigations Review, a leading legal periodical covering global white collar investigations, named us the “Most Impressive Investigations Practice of the Year.” Global Arbitration Review named us the 11th best arbitration practice in the world. Further information is available at www.quinnemanuel.com.