Final regulations pending OIRA review: Transition from interbank offered rates (IBORs) to other reference rates

Knowing the status of OIRA review of Treasury regulations can help in predicting when regulations may be issued.

Transition from interbank offered rates (IBORs) to other reference rates

OMB’s Office of Information and Regulatory Affairs (OIRA) received for review from the U.S. Treasury Department final regulations concerning the transition from interbank offered rates (IBORs) to other reference rates.

According to OIRA, the final regulations were received for review on December 14, 2021. 

  • RIN: 1545-BO91Guidance on the elimination of interbank offered rates

A brief description provided by OIRA is as follows:

The final regulations will provide guidance on the tax consequences of the phased elimination of interbank offered rates (IBORs) that is underway in the United States and many foreign countries. Taxpayers have requested guidance that addresses whether a modification to a debt instrument or other financial contract to accommodate the elimination of the relevant IBOR will be treated as a realization event for federal income tax purposes.

The regulations were proposed in October 2019. Read TaxNewsFlash

 

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