LIBOR

Clayton described the Secured Overnight Financing Rate known as SOFR, as “a good risk free benchmark.”

Issuers will be looking to see what Securities and Exchange Commission Chair Jay Clayton says about disclosure.

The sections pertaining to public finance can be implemented immediately.

The proposed transition regulation addresses the possibility that such a modification of a debt instrument, derivative, or other financial contract could be a taxable transaction for federal income tax purposes or could result in other tax consequences.

Issuance using the new Secured Overnight Financing Rate has risen to $265 billion since the beginning of 2019.

Internal Revenue Service enforcement officials told NABL workshop attendees the service is hiring five new revenue agents, up from the current 20, and two additional tax law specialists.

Citibank joins UBS and Deutsche Bank in settling with the State Bond Commission over manipulation of the Libor rate.