On Dec. 17, 2020, the Alternative Reference Rates Committee (“ARRC”) posted an updated version of the proposal for New York State legislation, originally released on March 6, 2020. The proposal is intended to minimize legal uncertainty and adverse economic impacts associated with the LIBOR transition. On December 16, 2020, a letter signed by several ARRC members and other firms and associations was posted to the SIFMA website, expressing support for the ARRC’s draft legislative approach.
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