ASIC and APRA have supervisory responsibilities in this area and associated powers to pursue if needed. Our current assessment is that Australian firms have made progress on the LIBOR transition to date. There is, however, variation across firms and continued focus and effort is needed in the year and a bit that remains.
The Financial Stability Board (FSB) has recently published a Global Transition Roadmap for LIBOR putting a timeline on the steps involved that you should be aiming to meet.1 In particular: By now you should have identified and assessed all existing LIBOR exposures and agreed on a plan to transition before the end of 2021.