Banks that have discretionary investment authority over a trust or fiduciary account purchase and sell securities for the account to ensure that the account is properly diversified and managed in the manner required by the governing trust agreement and applicable fiduciary principles.
Toward the end of 2021 In taking the various measures mentioned to this point, it is very important for both the private and public sectors to keep in mind the timeline of when the discontinuation of LIBOR is expected; that is, up to the end of 2021.