- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-03-05T16:44:00
The U.K. Financial Conduct Authority put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
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The Federal Reserve Board adopted a rule that will officially set the Secured Overnight Financing Rate as the benchmark rate in financial contracts that reference the expiring London Interbank Offered Rate.
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
