HM Treasury has published a document summarising the responses to its earlier consultation on implementing the recommendations of the Fair and Effective Markets Review (FEMR) on financial benchmarks. HM Treasury has also published a final draft of the Order to effect the recommendations.
HM Treasury confirms that all 7 benchmarks recommended by the FEMR will be brought into the UK regulatory regime. The only changes to the FEMR’s recommendations are to ensure that developments in the London Gold Fixing are reflected in the draft legislation, and that ICE Brent Index is named as the regulated benchmark rather than the ICE Brent Futures price.
The Government’s intention is to lay the necessary legislation before Parliament early in 2015. The Government intends for the legislation to commence on 1 April 2015.