The Alternative Reference Rate Committee ("ARRC") asked vendors "whose products and/or services might be impacted by USD LIBOR transition" to complete a survey concerning their preparedness to move toward recommended alternative reference rates.

According to the ARRC, the survey is intended to (i) provide vendors with the opportunity to self-assess their preparedness for the transition and (ii) identify operational changes that need to be made, based on each vendors' transition readiness and challenges.

Section I focuses on (i) "vendors’ understanding of the transition’s impact on their products and applications," (ii) "key enhancements necessary to ensure product readiness," and (iii) "financial instruments to which their products or applications pertain." Section II of the survey is a self-assessment tool that asks vendors to consider (i) their understanding of what impact the LIBOR transition will have on their respective products and applications, (ii) areas that can be improved upon in order to ensure product readiness and (iii) which financial instruments are relevant to their products or applications.

ARRC requests responses to Section I of the survey by March 16, 2020.