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Preparing for the LIBOR Phase Out: Contract Remediation Starts with Contract Intelligence
The New York Times called it the "most important number in finance." The London Interbank Offered Rate (LIBOR) has long been the global basis for agreements that include a variable interest rate component. In 2018, in eventual response to scandals during the financial crisis, the Federal Reserve and regulators in the U.S. and UK confirmed that LIBOR would be replaced by other benchmarks by the end of 2021.
Now, with less than two years until the phase out, the U.S. Securities and Exchange Commission (SEC) and the UK Financial Conduct Authority (FCA) are advising public companies and regulated entities to assess their risk exposure, quantify the financial impact, develop remediation plans and communicate material information to stakeholders. Doing so will require significant efforts across numerous business units within impacted corporations. Key among them will be the identification, analysis and remediation of LIBOR-based contracts.
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How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.