This article discusses the public statement dated July 12, 2019, made by the Securities and Exchange Commission’s (SEC) Division of Corporation Finance, Investment Management and Trading and Markets, and the Office of the Chief Accountant, encouraging market participants to begin the transition away from U.S. dollar LIBOR, which is expected to cease publication in 2021. The SEC’s public statement is significant in that it adds the voice of a non-bank regulator to the discussion on replacing LIBOR. As noted by the SEC, the upcoming LIBOR discontinuance “may present a material risk for certain market participants, including public companies, investment advisers, investment companies and broker-dealers.”

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