On 23 October 2019, the Financial Markets Law Committee (FMLC) published a paper on issues of legal uncertainty in respect of the retained EU law version of the Benchmarks Regulation. In the paper, the FMLC highlights the challenges of providing a new benchmark into the EU once the UK becomes a third country post-Brexit and the legal uncertainties arising from the Benchmarks Regulation Statutory Instrument (BMR SI).

The paper discusses uncertainties related to the central bank exemption, transitional provisions in the BMR SI and its jurisdictional scope. The FMLC encourages HM Treasury and the UK Government to publish, wherever possible, guidance that might enable affected benchmark administrators to begin preparations for the future.