- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-11-30T19:17:00
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.
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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.
A new law in New York provides contracts that reference LIBOR with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.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.
