This Paper provides an overview of the key implementation issues to be considered by Financial Institutions (FIs) in Asia preparing for the transition from the London Interbank Offered Rate (LIBOR) in all its tenors and currencies to Alternative Reference Rates (ARRs) by the end of 2021 (LIBOR Transition). Specifically, it includes a practical implementation checklist which FIs may use as areference. The objective of this Paper, including the practical implementation checklist, is to assist each FI to take into account issues that are relevant in implementing its individual transition plan. In practice, each FI’s LIBOR transition process will differ. FIs should not treat this Paper as comprehensive or as uniformly applicable to each FI’s individual circumstances.