In December 2019, the New York Department of Financial Services (“NYDFS”) issued a letter to its regulated entities requesting that they respond to several specific questions and submit plans for managing risks relating to the forthcoming transition away from LIBOR (“LIBOR Transition”), with responses due back to DFS by March 24, 2020. Leveraging our understanding of industry practices, our experience advising and supporting firms with LIBOR Transition efforts, and helping organizations craft responses to similar regulatory requests, Deloitte can provide insights to help financial institutions respond effectively to this request from NYDFS.
Today, we’ll discuss:
The contents of the NYDFS Letter
Items to consider including in your response
Lessons learned from past similar regulatory inquiries
Participants will be able to describe key considerations in preparing for LIBOR Transition and elements to consider in drafting responses to NYDFS.
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