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Secured Lender

LIBOR Transition in the Final Weeks

With the end date for the London Interbank Offered Rate (LIBOR) less than two months away (June 30, 2023), lenders and borrowers are busily revising their loan documents in anticipation of this deadline. Although a large proportion of legacy loans in the loan market still reference LIBOR, most new…

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FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule (Final Rule) implementing Section 6403 of the Corporate Transparency Act (CTA) (which was initially enacted on January 1, 2021 as part of the Defense Authorization Act for Fiscal Year 2021) that requires…

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Indiana Senate Bill Would Replace LIBOR When Necessary

Trillions of dollars are tied up in lending contracts that rely on the London Interbank Offered Rate (“LIBOR”) as their benchmark rate. On June 30, 2023, LIBOR will no longer be published in any capacity.1 Many LIBOR-based contracts contain inadequate provisions, or none at all, to deal with the…

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