The Financial Stability Board (FSB), which coordinates financial rules for G20 countries, outlined its new transition polices to move away from LIBOR by the end of 2021. A number of U.S. dollar LIBOR rates will be available until the end of June 2023, but can only be used for legacy contracts. The FSB is encouraging the use of overnight risk-free rates, which include SOFR in the United States and SONIA in Great Britain.
