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SEC Staff Statement on LIBOR Transition—Key Considerations for Market Participants

Included in the December 7 SEC Staff statement reminding investment professionals of their obligations when recommending LIBOR-linked securities was a reminder for public companies of their disclosure obligations related to the LIBOR transition. It advises companies to consider the number of existing rules or regulations that may require disclosure related to the expected discontinuation of LIBOR and to keep investors informed about their progress toward LIBOR risk identification and mitigation, and the anticipated impact on the company, if material.

Among other recommendations, the staff encourages companies to provide qualitative disclosures and, when material, quantitative disclosures, such as the notional value of contracts referencing LIBOR and extending past December 31, 2021 or June 30, 2023, as applicable, to provide context for the status of the company’s transition efforts and the related risks.

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