Prudential Regulation Authority 与 Financial Conduct Authority - 关于 LIBOR 向无风险利率过渡的致 CEO 信函 - 2021年3月26日

Aug 28, 2026

Uploaded by Rhys

This letter sets out the final and critical phase for transitioning from LIBOR to Risk Free Rates (RFR) following confirmation of cessation dates for all panel bank LIBOR settings. Regulators expect firms to meet RFRWG milestones and related supervisory targets, and to take priority actions to mitigate safety and soundness risks from LIBOR exposures while ensuring good client outcomes and market integrity. Supervisory intensity will increase using firm meetings, management information, and exposure data, including potential changes to supervisory tools and linking transition progress to variable remuneration criteria. An annex specifies priority areas, including cessation milestones for new sterling LIBOR business and controls over exemptions.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

AccessFree to download

Transition from LIBOR to Risk Free Rates (RFR)

Regulatory expectations and supervisory approach

Annex: priority areas for action

Cessation of new sterling LIBOR business milestones

Cessation of new LIBOR-referencing syndicated lending

David Bailey and Sarah Breeden Prudential Regulation Authority David Geale and Edwin Schooling Latter Financial Conduct Authority 26 March 2021 Dear CEO , Transition from LIBOR to Risk Free Rates We have written to you previously1 about the preparations you should be making for the cessation of LIBOR. Now that cessation dates for all panel bank LIBOR settings have been confirmed ,2 we have entered the final and critical phase of the transition from LIBOR to Risk Free Rates (RFR) . It is imperative that the industry continues to build on work undertaken to date, and in some areas, accelerates efforts. We expect all firms to meet the milestones of the Working Group on Sterling Risk Free Reference Rates (RFRWG)3 and the targets of other working groups and relevant supervisory authorities as appropriate. The annex to this letter sets out a list of priority areas where further action by firms is necessary to prepare for the cessation of LIBOR. This list is not exhaustive and the onus is on firms and responsible Senior Manager Function (SMF) holder(s) to determine the specific actions necessary to mitigate the risks to safety and soundness arising from their firm’s exposures to LIBOR, to ensure good client outcomes and topreserve market integrity. We have written separately today to the named SMF responsible for oversight of transition at the PRA and FCA firms with the largest and most complex LIBOR exposures to outline the steps we expect them to take in the remaining time available. The responsible SMFs should satisfy themselves that all appropriate actions are being taken to ensure an orderly transition. As a key regulatory priority, we expect that this transition forms part of the performance criteria for determining their variable remuneration. As we enter the final phase of LIBOR transition, the PRA and FCA are intensifying our supervisory focus on firms’ management and oversight of the risks associated with transition. We will use firm meetings, relevant management information and the LIBOR and RFR exposure data we collect to assess your transition progress. As previously indicated, we are keeping a range of supervisory tools under review for use where we see either insufficient progress, or incidents of poor risk management or governance of transition, including relative to the expectations set out in the annex to this letter. Thank you for your firm’s constructive engagement on the transition from LIBOR to date. We look forward to this dialogue continuing as part of our supervisory engagement on this important priority over the coming months. 1 2018 letter:[https://www.bankofengland.co.uk/prudential-regulation/letter/2018/firms-preparations-for-transition-from-libor-to-risk-free](https://www.bankofengland.co.uk/prudential-regulation/letter/2018/firms-preparations-for-transition-from-libor-to-risk-free)rates; subsequent feedback statement of June 2019: [https://www.bankofengland.co.uk/prudential-regulation/publication/2019/firms](https://www.bankofengland.co.uk/prudential-regulation/publication/2019/firms)preparations-for-transition-from-libor-to-risk-free-rates; January 2020 letter: [https://www.bankofengland.co.uk/prudential](https://www.bankofengland.co.uk/prudential)regulation/letter/2020/next-steps-on-libor-transition. 2 [https://www.fca.org.uk/publication/documents/future-cessation-loss-representativeness-libor-benchmarks.pdf](https://www.fca.org.uk/publication/documents/future-cessation-loss-representativeness-libor-benchmarks.pdf). 3 [https://www.bankofengland.co.uk/markets/transition-to-sterling-risk-free-rates-from-libor/working-group-on-sterling-risk-free-reference](https://www.bankofengland.co.uk/markets/transition-to-sterling-risk-free-rates-from-libor/working-group-on-sterling-risk-free-reference)rates. Yours sincerely David Bailey Executive Director, PRA International Banks Supervision Sarah Breeden Executive Director, PRA UK Deposit Takers Supervision David Geale

FAQs

为什么这封信强调 LIBOR 向 RFR 的“最后且关键阶段”？

因为所有 panel bank LIBOR settings 的停止日期已被确认，行业需要在既有工作的基础上继续推进，并在部分领域加速行动。

监管机构要求哪些里程碑和目标必须满足？

要求所有机构达到 Sterling Risk Free Reference Rates Working Group（RFRWG）的里程碑，并满足其他工作组及相关监管当局提出的目标（视情况适用）。

监管将如何评估各机构的过渡进展？

通过召开机构会议、收集相关管理信息，以及使用监管掌握的 LIBOR 与 RFR 的敞口数据评估进度。

Aug 28, 2026

Uploaded by Rhys