The Commodity Futures Trading Commission’s (the “CFTC” or the “Commission”) Market Participants Division and Division of Market Oversight (the “Divisions”) recently issued a joint statement to advise market participants and swap execution facilities (“SEFs”) of the importance of ensuring a smooth and timely transition away from the London Interbank Offered Rate (“LIBOR”). Given that the timelines for the end of all LIBOR panels are now clear, the Divisions’ staff believe that market participants must take steps to stop issuance of new derivatives linked to LIBOR and to transition away from LIBOR in legacy contracts as soon as practicable. Further, the CFTC’s Market Risk Advisory Committee (“MRAC”) also recently unanimously adopted a recommendation that the CFTC adopt the SOFR First Transition Initiative (“SOFR First”) as a best practice.