The London Interbank Offered Rate (LIBOR) is scheduled to essentially cease to exist at the end of 2021, unless that date is extended. LIBOR has been a key benchmark interest rate for many years. It is cited in many settings throughout the financial services industry, including loans; derivatives; hedging; risk and performance benchmarks in client contracts; client reporting; marketing and disclosure documents; vendor contracts; and even certain SEC exemptive orders. Over the past few years, however, confidence in LIBOR has been shaken by a rate-fixing scandal and dwindling activity in the markets that feed the rate. Thus, in 2017, the U.K. Financial Conduct Authority decided that, as of the end of 2021, banks would no longer be required to submit the rate information on which LIBOR is based. Consequently, LIBOR eventually may no longer be published or may become unreliable and unusable as a benchmark rate. The end of LIBOR is likely to affect multiple areas of an investment adviser’s operations. Thus, the SEC published a Staff Statement on LIBOR Transition (Staff Statement), which contains useful indications of the regulator’s thinking about the LIBOR transition and also suggests concrete steps that market participants – including hedge funds – should take to address it. This guest article by Anne E. Beaumont, partner at Friedman Kaplan, discusses the key takeaways of the Staff Statement for private fund managers. See “Advisers Should Be Planning Now for the End of LIBOR” (Oct. 29, 2020); “What Private Fund Advisers Need to Know About Transitioning Away From LIBOR” (Aug. 13, 2020); and “Hedge Fund Managers Must Prepare for Benchmark Regulation” (Feb. 11, 2016).