US ARRC Publishes Updated Best Practices Guidance, Provides Some Detail for Certain Milestones, But Retains YE 2021 Deadline

Today, May 27, 2020, the US Alternative Reference Rates Committee (ARRC) published updated best practices guidance, including a summary factsheet, complete best practices guidance and a graphical timeline. While the updates cover more market participants and include some additional details for certain interim milestones (including various end dates for specified products by which LIBOR usage should cease), the guidance retains the previous YE 2021 deadline, despite the current COVID-19 pandemic and related disruption. The table in this Legal Update shows the recommended target end dates.