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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.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/prudential-regulation-authority-and-financial-conduct-authority-letter-to-ceo-on-transition-from-libor-to-risk-free-rates-26-march-2021/153914/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/prudential-regulation-authority-and-financial-conduct-authority-letter-to-ceo-on-transition-from-libor-to-risk-free-rates-26-march-2021/153914.png","ImageObject",300,407,{"name":92,"@type":93},"Rhys","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-18","2026-08-28",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"为什么这封信强调 LIBOR 向 RFR 的“最后且关键阶段”？","Question",{"text":112,"@type":113},"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。","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"监管机构要求哪些里程碑和目标必须满足？",{"text":117,"@type":113},"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）。",{"name":119,"@type":110,"acceptedAnswer":120},"监管将如何评估各机构的过渡进展？",{"text":121,"@type":113},"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。","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},153914,1787884155,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":143,"preview_page_count":4},687207024643,"https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2","David Bailey and Sarah Breeden  \nPrudential Regulation Authority  \nDavid Geale and Edwin Schooling Latter  \nFinancial Conduct Authority  \n26 March 2021  \nDear CEO ,  \nTransition from LIBOR to Risk Free Rates  \nWe 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.  \nWe 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.  \nWe 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.  \nAs 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.  \nThank 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.  \n1 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.  \n2  [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).  \n3  [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.  \nYours sincerely  \nDavid Bailey  \nExecutive Director, PRA  \nInternational Banks Supervision  \nSarah Breeden  \nExecutive Director, PRA  \nUK Deposit Takers Supervision  \nDavid Geale ","cbCaivpcT1I0m65U","https://ap.wps.com/l/cbCaivpcT1I0m65U","pdf",427394,"English","# Transition from LIBOR to Risk Free Rates (RFR)\n## Regulatory expectations and supervisory approach\n## Annex: priority areas for action\n### Cessation of new sterling LIBOR business milestones\n### Cessation of new LIBOR-referencing syndicated lending","[{\"question\":\"为什么这封信强调 LIBOR 向 RFR 的“最后且关键阶段”？\",\"answer\":\"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。\"},{\"question\":\"监管机构要求哪些里程碑和目标必须满足？\",\"answer\":\"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）。\"},{\"question\":\"监管将如何评估各机构的过渡进展？\",\"answer\":\"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。\"}]","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 | PDF",13]