In accordance with Commission Implementing Regulation (EU) 2021/1847 of 14 October 2021 on the designation of a statutory replacement for certain settings of CHF LIBOR, since 1 January 2022, the benchmarks of the SARON Compound family, along with the pertinent adjustment, were used by operation of law in all contracts and financial instruments that, as at the date of entry into force of the Regulation, did not have appropriate fallback clauses and applied the CHF LIBOR benchmark previously. The introduction of substitute benchmarks by operation of law means in practice that it is unnecessary to modify the wording of the financial contracts affected by the change.
As of 1 January 2022, the publication of LIBOR CHF, LIBOR GBP, LIBOR EUR indices (for most tenors) has been suspended.