Following a series of recent announcements by regulators, benchmark providers and industry groups, more clarity is needed on what those dates mean for treasurers at non-financial corporates and the exact deadline they need to work towards.
David Bowman, Senior Associate Director at the U.S. Federal Reserve Board, and a panel of experts closely involved with USD LIBOR transition joined us to answer these and other key questions, including:
Speakers:
David Bowman is a Senior Associate Director at the Board of Governors of the Federal Reserve System. Mr. Bowman serves as the Board’s senior staff liaison to the Alternative Reference Rates Committee, a group of private sector participants convened by the Board of Governors and Federal Reserve Bank of New York to help identify alternatives to LIBOR and to develop strategies to promote their use. Mr. Bowman also serves as the Board’s representative to the FSB’s Official Sector Steering Group (OSSG) and has previously served as a senior staff member supporting Chairman Jerome Powell in his capacity as co-chair of the OSSG and helped to coordinate the OSSG’s work summarized in the 2014 FSB report, Reforming Major Interest Rate Benchmarks, as well as its subsequent reports. Mr. Bowman additionally serves as the Board of Governor’s representative as an observer to the IBA LIBOR Oversight Committee.
Mr. Bowman has a Ph.D. in Economics from the University of California at Berkeley.
Mark Chorazak is a partner in the global Financial Institutions Advisory & Financial Regulatory practice. His practice centers on providing strategic bank regulatory advice to domestic and foreign banks, non-bank financial institutions, and financial technology firms.
Mark’s expertise covers the full spectrum of banking law, from traditional bank regulatory issues to cutting-edge regulatory and legislative developments. He regularly counsels on issues arising under key U.S. banking laws, including the Dodd-Frank Act, the Bank Holding Company Act, the Change in Bank Control Act, the International Banking Act, the Bank Secrecy Act, and the Bank Service Company Act. Among other areas, Mark advises on authority and control questions, fintech and financial innovation issues, chartering and expansionary proposals, corporate governance practices, affiliate transaction restrictions, Volcker Rule compliance, anti-money laundering and sanctions compliance, and enforcement actions. In addition, he advises on capital and debt offerings and private investments in bank and non-bank financial institutions. He has obtained regulatory approvals on a wide range of transactions, including for some of the largest bank mergers. Recently, Mark has been advising financial institutions on the regulatory implications of the transition from LIBOR.
Mark has been recognized as a leader in the financial services space, including by Chambers USA, where clients described him as “incredibly knowledgeable” and “highly perceptive.” He is also recognized as a “Rising Star” by IFLR1000. Prior to private practice, Mark was a law clerk for the Hon. John W. Noble, Delaware Court of Chancery. Prior to joining Shearman & Sterling, Mark was a partner at Cadwalader, Wickersham & Taft and counsel at Simpson Thacher & Bartlett.
Moderator:
Thomas C. Deas, Jr. is the current Chairman of the National Association of Corporate Treasurers, having also served a previous term as its Chairman from 2011 through 2013. From 2001 until his retirement in 2016, he served as Vice President and Treasurer of FMC Corporation (NYSE: FMC), with responsibility for the worldwide treasury function, including financing, treasury operations, pension investments and funding, and insurance and risk management. Prior to joining FMC, he served as Vice President, Treasurer and CFO of Applied Tech Products Corp., of Airgas, Inc. (NYSE: ARG) and of Maritrans Inc. (NYSE: TUG). Prior to these positions, Mr. Deas was employed for 18 years at Scott Paper Company (NYSE: SPP), where he served in various capacities in finance and treasury. Mr. Deas received a BS in Physics from the University of South Carolina. Following service as a destroyer officer in the U.S. Navy, he received an MBA from the Wharton School of the University of Pennsylvania. He is the past Chairman of the International Group of Treasury Associations and is a director of the University of South Carolina Educational Foundation and its Investment Policy Committee. He has served as a member of the Financial Stability Board’s Market Participants’ Group and is a current representative to the Federal Reserve’s Alternative Reference Rates Committee. Both these efforts are charged to recommend changes concerning how LIBOR and other interest rate indexes are determined. Mr. Deas is a member of the steering committee of the Coalition for Derivatives End-Users. He is a frequent speaker at investor conferences and professional forums and has testified on financial reform before numerous Congressional committees.
This webinar by NACT, in association with the ACT and sponsored by Shearman & Sterling, took place on Wednesday April 28 at 4pm BST/11am EDT/8am PDT for one hour.
