FX Global Code Registrations | AFMA IBOR
  • Smaller Text
  • Larger Text
  • Print

IBOR Transformation Australian Working Group

Overview

The IBOR Transformation Australian Working Group is the national working group for considering the strategic issues facing Australia as the market is transformed by international developments with regard to IBOR transition, and leading work on domestic responses to the change.

Minutes for Working Group meetings are available here.

Recent Developments

In December 2019, the IBOR Transformation Australian Working Group wrote to the Council of Financial Regulators requesting guidance on the supervisory expectation regarding conduct matters associated with the transition from LIBOR to alternative reference rates (ARRs) in the form of near Risk Free Rates (RFRs). The Australian Group is the national working group that considers the strategic issues facing Australia as the market is transformed by IBOR transition. Two issues were raised. The first matter concerned conduct risk in relation to the transition to RFRs; the second concerned client communications. This letter is available here.

After deliberation by the Council, ASIC responded to the request for guidance and its views are set out in a letter of reply to Australian group. The letter addresses conduct risk in relation to the transition to RFRs and client communications. ASIC’s guidance letter is available here.