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| Title: | 因應LIBOR退場之政府作為模式比較
Comparison of the Different Governments’ Approaches in Response to the Permanent Cessation of LIBOR |
| Authors: | 林潔如
Lin, Jie-Ru |
| Contributors: | 楊光華
Yang, Guang-Hwa
林潔如
Lin, Jie-Ru |
| Keywords: | LIBOR
LIBOR退場
LIBOR轉換
LIBOR基準利率
政府因應LIBOR退場作為模式比較
LIBOR
LIBOR Cessation
LIBOR Transition
LIBOR Benchmark Rate
Comparison of Government Approaches to LIBOR cessation |
| Date: | 2021 |
| Issue Date: | 2021-11-01 11:53:44 (UTC+8) |
| Abstract: | LIBOR為常見於決定金融商品契約價格或利息的基準利率，當全球最通用之基準利率LIBOR即將於2021年底退場，無非應依契約自由原則由契約當事人事前協議可替代LIBOR之參考基準利率，而不應由政府介入LIBOR轉換。然而，本文觀察到各國政府於LIBOR退場之末(2021)年，各國介入LIBOR轉換之程度與態樣迥異，或有像美國紐約以制訂新法介入LIBOR轉換者，或有像是歐盟與英國因既存之基準利率規範背景而須修法者。相形之下，亞洲國家像是日本、及主要金融市場所在國香港與新加坡，均未見主管機關制訂立法介入LIBOR轉換，只是以行政指導方式為之。我國政府目前因應LIBOR退場之作為類似後者，主管機關介入程度更淺，僅是籲請業界自律組織自訂計劃加以因應而已。
本文比較前述政府因應LIBOR退場介入程度有別之態樣與其原因，透過研究制訂LIBOR轉換立法等積極作為之國家的立法源由，突顯我國政府之作為近似日本、香港、新加坡等亞洲國家，即受LIBOR退場影響之程度與範圍不足以正當化制訂立法介入LIBOR轉換，採取與彼等相仿的柔性作為不難理解。
LIBOR is a commonly used benchmark rate in the global financial market but is going to be phased out by the end of 2021. In principle, the market should be able to react to the LIBOR cessation spontaneously, which means that contract parties have to negotiate beforehand and replace LIBOR with an agreed alternative benchmark rate. However, regulators in New York, UK and European Commission actively engaged in the LIBOR transition by enacting or amending their legislation or regulation, while no such legislative actions had been adopted by Asian financial hubs, such as Hong Kong, Singapore and Japan. Taiwan regulator’s response to the Libor cessation is similar to its counterparts in Asian financial hubs.
This article analyzes the reasons for different levels of regulators engagement in LIBOR transition and suggests that the impact of LIBOR cessation in Taiwan is too small to justify enacting LIBOR transition legislation. It is understandable that our government, like those Asian countries, had adopted soft approaches in response to the permanent cessation of LIBOR. |
| Reference: | 一、 中文文獻
(一) 期刊論文
江庭瑀，倫敦同業拆借利率的問題現況與改革方向，政治大學國際經貿組織暨法律研究中心經貿法訊，226期，網址：http://www.tradelaw.nccu.edu.tw/epaper/no226/3.pdf
(二) 法規
中華民國銀行商業同業公會全國聯合會(金融業拆款中心)臺北金融業拆款定盤利率作業規範。
(三) 政府、機構文件
曹慧蘭，銀行公會協助推動LIBOR轉換工作紀要，銀行公會，會訊第121期，網址：https://www.ba.org.tw/Publications/UnionInfo
新聞稿－籲請金融機構審慎因應2022年LIBOR可能退場之風險，金融監督管理委員會，發佈日期：2020年2月25日，網址：https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202002250002&o=fsc,c=tw&dtable=News
LIBOR轉換因應措施建議方向報告書，普華商務法律事務所，2020年12月。
香港金融管理局，通告：利率基準改革(含附件)，檔號: B1/15C，2020年04月23日
李達志，香港金融管理局，匯思－利率基準改革，2019年5月20日，網站：https://www.hkma.gov.hk/chi/news-and-media/insight/2019/05/20190502/
香港金融管理局，通告－利率基準改革，檔號: B1/15C，2020年10月16日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2020/20201016c1.pdf
香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年3月24日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2021/20210325c1.pdf
香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年7月8日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2021/20210708c3.pdf
香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年8月19日，網址： https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and circular/2021/20210819c1.pdf
(四) 網際網路
Argin Chang, Apple Lam& Cindy Wang，彭博商業週刊，摸著石頭過河 台銀行業LIBOR轉換工程欲快不易，2020年4月24日，網址http://content-cdn-b.bbwc.cn/v5/app18/issue_1452/articles/180090876/show-1-6-1452-176-180090876-1_1587702725.html
李達志，香港金融管理局，匯思，利率基準改革，2019年5月20日，網站：https://www.hkma.gov.hk/chi/news-and-media/insight/2019/05/20190502/
香港金融管理局，利率基準改革，https://www.hkma.gov.hk/chi/key-functions/banking/banking-regulatory-and-supervisory-regime/reform-of-interest-rate-benchmarks/
陳美君，LIBOR年底退場 央行示警：銀行面臨六大風險，2021年6月14日，經濟日報，網址：https://money.udn.com/money/story/5613/5531834
孫彬訓，LIBOR年底將退場 行庫備戰，工商時報，2021年6月14日，網址：https://ctee.com.tw/news/finance/474277.html
簡榮宗律師，銀行辦理金融衍生性商品程序及ISDA合約(下) ，台灣法律網，網址：http://www.lawtw.com/article.php?template=article_content&area=free_browse&parent_path=,1,1573,&job_id=200309&article_category_id=2049&article_id=117953
二、 外文文獻
(一) 書籍
ANTHONY SAUNDERS & MARCIA MILLON CORNETT, FINANCIAL MARKETS AND INSTITUTIONS 151 (4TH ED. 2007)
YOUSSEF CASSIS, CAPITAL OF CAPITAL: THE HISTORY OF INTERNATIONAL FINANCIAL CENTRES 1780-2005 263(1st published 2006).
(二) 專書論文
Eisenberg, Theodore and Miller, Geoffrey P., "The Flight to New York: An Empirical Study of Choice of Law and Choice of Forum Clauses in Publicly-Held Companies` Contracts", Cornell Law Faculty Publications. Paper 1491., (2009).
(三) 期刊
Charles A. Sweet and Kurt W. Rademacher from Morgan, New York Enacts
Legislative ’Fix’ for Legacy LIBOR Contracts Governed by NY Law; Will a Federal Fix Be Next?, LEXOLOGY, Apr. 19, 2021., https://www.lexology.com/library/detail.aspx?g=7f7f97d1-fe95-4678-a7f7-62dfe8dd61d1
Fuller, Emily, Russell, Emma Connor, Zoe, The end of LIBOR, THE BANKING LAW JOURNAL, Vol.135 (3), pp.183-185 (2018)
Hogan Lovells, 2018 ISDA Choice of Court and Governing Law Guide:
What you need to know, Debt Capital Markets, GLOBAL INSIGHTS, 48,48.
Kathy Martin and Maria Sagan, The Phase-out of LIBOR: A Primer, BANKING & FINANCE LAW REVIEW, Vol.35 (3), p.547-562 (2020)
Julia Goptarenko, Liberating the World from LIBOR: Implication for Non-Cleared Derivatives, Aug. 11th, 2017, https://ssrn.com/abstract=3017639
Michael W. Galligan, Why Choose New York Law, NEW YORK DISPUTE RESOLUTION LAWYER. 39, 39 (2016).
Nicola Cetorelli and Stavros Peristiani, The role of Bank in Asset securitization, FRBNY ECONOMIC POLICY REVIEW. 47, 47(2012)
(四) 外國法規與條約
Financial Services Act 2021.
NY General Obligation Law Section, art. 5-1401
Regulation (EU) 2016/1011 of the European Parliament and of the Council, of 8 June 2016 on Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure The Performance of Investment Funds and Amending Directives 2008/48/EC And 2014/17/EU and Regulation (Eu) No 596/2014,2016 O.J. (L 171/1) New York State Senate Bill S297B (signed on Apr. 6, 2021)
Regulation (EU) 2021/168 of The European Parliament and Of The Council of 10 February 2021 amending Regulation (EU) 2016/1011 as regards The Exemption Of Certain Third-Country Spot Foreign Exchange Benchmarks And The Designation Of Replacements For Certain Benchmarks In Cessation, and Amending Regulation (EU) No 648/2012,2021 O.J. (L 49/6)
(五) 機構文件
ARRC, Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition, Mar, 6, 2020.
Bank of Japan, Financial Institution’ preparedness for LIBOR Cession and Future Actions with a Focus on the Results of the Joint Survey by the Financial Services Agency, BANK OF JAPAN REVIEW, Aug. 2020.
Bank of Japan, Financial Services Agency and Bank of Japan, Mar. 13, 2020., https://www.boj.or.jp/en/announcements/release_2020/rel200313b.pdf
Bank of Japan, Key Results of the Survey on the Use of LIBOR, May 19, 2021, https://www.boj.or.jp/en/announcements/release_2021/data/rel210528c.pdf
Bank of Japan, A letter to Financial Institutions, Taking Actions for Permanent Cessation of LIBOR, June 1, 2020., https://www.fsa.go.jp/en/policy/libor/libor.html
Bloomberg, Guide to Tough Legacy Bond in Asia-Pacific, May 2021.
Consumer-Group-Letter, Mar. 2021, https://protectborrowers.org/wp-content/uploads/2021/03/Consumer-Group-Letter_LIBOR.pdf
Consultation Paper of FCA, Consultation Paper, Benchmark Regulation: how we propose to use out powers over use of critical Benchmarks, CP21/15, May. 2021.
David Hou & David Skeie, LIBOR: Origin, Economics, Crisis, Scandal and Reform,
European Commission, Proposal for a Regulation on indices used as benchmarks in financial instruments and financial contracts – Frequently Asked Questions, ¶ 10, Sep. 18, 2013, https://ec.europa.eu/commission/presscorner/detail/en/MEMO_13_799
European Commission, Commission Staff Working Document Impact Assessment Report-Proposal for a Regulation of the European Parliament and the Council-Amending Regulation (EU) 2016/1011 as regards the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation, SWD(2020).
ESMA, Public statement of UK Benchmarks Regulation, Mar. 9.2021.
Federal Reserve Bank of New York Staff Reports (Staff Report No.67), Mar. 2014.
FCA, CP17/15, Consultation Paper of Powers in relation to LIBOR contributions(2017).
FCA, statement of Policy on the exercise of the FCA’s powers under Article 23D BMR, Mar. 2021
FCA, CP21/19, Proposed decision under Article 23D BMR for 6 sterling and yen LIBOR settings, June, 2021
FCA, UK Benchmarks Regulation, https://www.fca.org.uk/markets/benchmarks/regulation
FSA, A letter to Financial Institutions, Taking Actions for Permanent Cessation of LIBOR, June 1, 2020.
UK Parliament, Rishi Sunak, The Financial Services Regulation Statement, June 24. 2020.
FSA, The Wheatley Review of LIBOR: Initial Discussion Paper (2012)
FSB, Reforming Major Interest Rate Benchmarks (2014)
FSB, Final Report of Market Participants Group on Reforming Interest Rate Benchmarks (2014)
FSB, Reforming Major Interest Rate Benchmarks-Progress report on implementation of July 2014 FSB recommendations (2016)
FSB, Reforming Major Interest Rate Benchmarks-Progress report on implementation of July 2014 FSB recommendations (2017)
FSB, Report to the G20-Supervisory issues associated with benchmark Transition (2020)
ISDA, ISDA 2020 IBOR Fallbacks Protocol (Published on Oct. 23, 2020).
IOSCO, Final Report of Principles for Financial Benchmarks (2013)
Letter-of-Support from SIFMA, Dec.2020, https://www.sifma.org/wp-content/uploads/2020/12/ARRC-Letter-of-Support-12.15.20.pdf
LMA, the Recommended Revised Form of Replacement Screen Rate Clause and User Guide, Dec. 21, 2018, https://www.lma.eu.com/application/files/3815/4540/4296/LMA_Recommended_Revised_Form_of_Replacement_Screen_Rate_Clause_and_Users_Guide_-_MARKUP.pdf
MAS, Circular Reference: ID 32/20, Preparation for Libor Discontinuation: Enhancing Contractual Robustness, Sep. 1, 2020.
NYC, Sustaining New York’s and the US’ Global Financial Services Leadership(2005), http://www.nyc.gov/html/om/pdf/ny_report_final.pdf
Z/Yen, The global financial Centre Index 29, Mar. 2021,
(六) 判決
Final Notice to Barclays Bank, Jun. 27, 2012., E14 5HP-122702.
(七) 網際網路
Argin Chang, Apple Lam& Cindy Wang, Taiwan Banks, No. 2 in Asia Dollar Loans, Discuss Libor End, BLOOMBERG, Apr. 24th, 2020, https://www.bloomberg.com/news/articles/2020-04-23/taiwan-banks-no-2-in-asia-dollar-loans-comment-on-libor-s-end (last visited Oct. 27, 2021).
The Association of Banks in Singapore, Why Is There A Need To Transition To Sora? https://abs.org.sg/benchmark-rates/sor-sibor-to-sora (last visited Oct. 27, 2021).
ARRC, Fallback Contract Language, https://www.newyorkfed.org/arrc/fallbacks-contract-language
Ashurst, EU Benchmark Regulation amended to include a statutory replacement rate mechanism for LIBOR, to extend third-country transitional provisions, and to exempt certain FX rates, Feb. 2021, https://www.ashurst.com/en/news-and-insights/legal-updates/benchmark--regulation---statutory-replacement-rate-mechanism-for-libor/
BBA Website, The Basic, http://www.bbatrent.com/explained/the-basics
European Commission News, New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals, Sep. 18, 2013, https://ec.europa.eu/commission/presscorner/detail/en/IP_13_841
FCA, Benchmarks, https://www.fca.org.uk/markets/benchmarks
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FCA news, About LIBOR transition, https://www.fca.org.uk/markets/libor-transition
FCA news, LIBOR – are you ready for life without LIBOR from end-2021?, https://www.fca.org.uk/news/speeches/libor-are-you-ready-life-without-libor-end-2021
FCA news, The future of LIBOR, July 27, 2017, https://www.fca.org.uk/news/speeches/the-future-of-libor
Gavin Finch & Liam Vaughan, The Man Who Invented the World’s Most Important
Number, BLOOMBERG, Nov. 29, 2016, https://www.bloomberg.com/news/features/2016-11-29/the-man-who-invented-libor-iw3fpmed
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Jamies Orr, How Important is the Finance Sector to the New York City Economy?, The Economic Studies Group, https://esg.gc.cuny.edu/2017/06/09/how-important-is-the-finance-sector-to-the-new-york-city-economy/
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US. Department of the Treasury, https://www.treasury.gov/resource-center/faqs/Markets/Pages/fixedmuni.aspx |
| Description: | 碩士
國立政治大學
國際經營與貿易學系
103351045 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0103351045 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202101700 |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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