End of EONIA and LIBOR

In a Press Release dated 19 November 2021, the CSSF reminded UCIs and investment fund managers (“IFMs”) of the cessation of the benchmarks EONIA and LIBOR and insisted on the need for them:

• to ensure that they have taken all necessary actions to enable a smooth transition to alternative rates; and
• to have in place robust fall-back provisions covering a possible cessation of any other benchmarks used by them (if any), in accordance with Article 28(2) of the Benchmark Regulation (“BMR”).

The CSSF also reminded UCIs and IFMs of the end of EONIA from 3 January 2022 and gave information on the designated replacement rate for EONIA and recommended alternative rates for LIBOR rates.