On 14 July 2023, the European Commission adopted a draft delegated act that extends the transitional period for third-country benchmark administrators as set out under (EU) 2016/1011 (“EU Benchmarks Regulation” or “EU BMR”). The current BMR transitional provisions are set to expire on 31 December 2023; the draft delegated act extends this period until 31 December 2025. The draft delegated act will now be subject to scrutiny by the European Parliament and the Council, which is expected to complete early after the summer break. After that, a delegated act will be published in the EU Official Journal and become formally applicable.
In addition, the Commission is working a broader review of the EU BMR, addressing the scope of the legislation and the third-country regime. A legislative proposal is expected to be published later this year.