The Swiss Financial Market Supervisory Authority FINMA today published a transition roadmap for LIBOR. FINMA recommends that the affected supervised institutions follow this in order to be as prepared as they can possibly be for a discontinuation of LIBOR in various currencies.
On 18 November 2020 the UK’s Financial Conduct Authority (FCA) and the ICE Benchmark Administration (IBA) published information on the discontinuation of LIBOR in Swiss francs, euros, British pounds and yen. In addition, on 30 November 2020 they published information on the discontinuation of LIBOR in US dollars. FINMA is giving recommendations based on the information currently available so that the affected supervised institutions can prepare for the changes scheduled for end-2021.
On 16 October 2020 the Financial Stability Board (FSB) published a roadmap setting out a timetable of actions to be taken in order to ensure a smooth transition away from LIBOR at a global level. FINMA has adapted the recommendations provided in the FSB roadmap for the Swiss financial centre.
