On 3 August 2021, the European Commission issued consultations on the following delegated acts:
- Commission Implementing Regulation (EU) on the designation of a statutory replacement for certain settings of CHF LIBOR. The draft Implementing Regulation follows a targeted consultation that the Commission conducted earlier this year to assess the suitability of designating a statutory replacement for certain settings of Swiss Franc LIBOR.
- Commission Implementing Regulation (EU) on the designation of a replacement for the benchmark European overnight index average in contracts and financial instruments as referred to in Article 23a of Regulation (EU) 2016/1011 of the European Parliament and of the Council. The draft Implementing Regulation provides that the Euro short-term rate (€STR) as published by the European Central Bank is designated as replacement for the European overnight index average (EONIA) in references to EONIA in contracts and financial instruments as referred to in Article 23a of the Benchmarks Regulation. The draft Implementing Regulation also covers the fixed spread adjustment that limits the economic impact of designating €STR as the statutory replacement for EONIA in all contracts that mature beyond the EONIA end date of 3 January 2022.
The deadline for comments on both consultations is 31 August 2021.