Deals & Cases

Schellenberg Wittmer advises Swiss Bankers Association on LIBOR Transition Documentation for Derivatives

08.02.2021

Schellenberg Wittmer (led by Olivier Favre), acted as counsel to the Swiss Bankers Association (SBA) for the preparation of its documentation incorporating fallbacks for LIBOR rates into derivatives transactions documented under Swiss Master Agreements for OTC Derivatives Transactions in view of the transition from LIBOR rates to alternative risk-free rates.

This documentation was published on 30 October 2020 and consists of (i) a "Benchmark Amendment Agreement" to amend "legacy" derivatives transactions by incorporating the fallbacks of the ISDA 2020 IBOR Fallbacks Protocol into such transactions and incorporating such terms into new transactions entered into between the parties and (ii) "Supplemental Definitions" to Swiss Master Agreements for OTC Derivatives Transactions, which incorporate such fallback provisions into new transactions independently of a Benchmark Amendment Agreement, provide definitions for the use of alternative risk free rates (RFRs), e.g. SARON, SOFR or SONIA, and include the relevant fallback language for EONIA into derivatives transactions.

The documentation is available here and also includes frequently asked questions (FAQs) published on 28 January 2021.

 

Stay up to date!

*Required fields

Newsletters & Newsflashes

Monthly selected key topics from our practice areas, sectors and industries, plus newsflashes on recent developments.

Publications

Monthly email with the latest updates and summaries of the Swiss Federal Supreme Court's case law in arbitration matters.
A regular look from a unique M&A perspective at legal changes, economic developments and societal trends in Switzerland.
Regular insights into Swiss and international trends and legal developments in the construction industry.
Concise analysis of key trends in the fast-moving world of corporate governance for board members of Swiss companies.