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Libor ‘tough legacy’ legal protection to be put in place by UK Treasury

( May 7, 2021, 16:30 GMT | Official Statement) -- MLex Summary: Protection for financial services companies will be put in law by the UK’s finance ministry to aid in the move away from the London Interbank Offered Rate. The planned legislation, which follows a February consultation, looks to provide a legal safe harbor for the “tough legacy” contracts that continue to rely on Libor after the benchmark is no longer used, but where those contracts have been given permission to continue referencing Libor by the UK’s Financial Conduct Authority.Statement follows. Letter from John Glen to Tushar Morzaria attached....

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