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Instead of trying to be everything to everybody, we’ve made a name for ourselves by delivering what our clients need most: in-depth, hands-on legal counsel throughout the financial services sector — and beyond.

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Throughout our history, Schulte has provided comprehensive pro bono services to local and national nonprofit organizations. Today, we serve more than 50 nonprofits and work to advance a variety of social justice causes.

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Offices

  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
  • Washington, DC

    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
      • +1 202.729.7470 Phone
      • +1 202.730.4520 Fax
  • London

    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
      • +44 (0) 20 7081 8010 Fax

On April 20, 2021, the Alternative Reference Rates Committee (“ARRC”) announced key principles for an ARRC-recommended forward-looking Secured Overnight Financing Rate (“SOFR”) term rate which will guide the ARRC as it considers which conditions are necessary to recommend a SOFR term rate. The ARRC’s publication of these key principles follows its March 23, 2021 update where it announced that it is not yet in a position to recommend a SOFR term rate, and that it is having ongoing discussions regarding the rate.

The key principles for an ARRC-recommended forward-looking SOFR term rate are that the rate should (1) meet the ARRC’s criteria for alternative reference rates; (2) be rooted in a robust and sustainable base of derivatives transactions over time; and (3) have a limited scope of use, to avoid use of the SOFR term rate (i) that is not in proportion to the depth and transactions in the underlying derivatives market or (ii) that materially detracts from volumes in the underlying SOFR-linked derivatives transactions that are relied upon to construct a term rate, making the term rate itself unstable over time.

Key Publication

Key Principles to Guide the ARRC as It Considers the Conditions It Believes are Necessary to Recommend a Forward-Looking SOFR Term Rate