COVID-19 pandemic has adversely impacted firms across the globe, in preparing for transition to RFRs. The regulators and industry-led working groups are constantly monitoring and assessing the impact on the milestones, before the end of 2021. CRISIL’s IBOR Transition Think Tank looks at key regulatory and market updates related to LIBOR transition, including the launch of ISDA Fallbacks Protocol, ‘tough legacy’ LIBOR referencing contracts,  SOFR Discounting Transition and RFR adoption indicator.