On 12 June 2024, the European Commission (Commission) published a report on the delegation of power to adopt delegated acts conferred on the Commission pursuant to the Benchmarks Regulation (BMR).
Article 49(2) of the BMR provides that the power to adopt delegated acts is conferred on the Commission for a five-year
On 3 June 2024, the FCA published a notice of first decision to the administrator of LIBOR, ICE Benchmark Administration Limited (IBA), under Article 21(3) of the UK Benchmarks Regulation. The notice is dated 17 May 2024. In the notice the FCA states that it has decided to exercise its power to compel
On 25 April 2024, the European Parliament issued a press release stating that it had adopted a first reading position on the proposed Regulation amending the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country and certain
On 19 March 2024, the European Parliament published a report by the Committee on Economic and Monetary Affairs (ECON) on the proposed Regulation amending the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and
On 11 March 2024, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards harmonisation of certain aspects of fees charged by the European Securities and Markets Authority (ESMA) to certain benchmark administrators. The purpose of the draft Delegated Regulation is to bring the modalities of the calculation
The European Money Markets Institute (EMMI) has concluded its public consultation on proposed enhancements to the Euribor benchmark’s methodology, with support from industry participants. The consultation, which aimed to refine the Euribor hybrid methodology, received positive responses and provided insights into the future of the benchmark.
Industry support
On 29 February 2024, the Financial Conduct Authority (FCA) published a report on the use of its power under Article 23D of the Benchmarks Regulation (BMR) for 3 month synthetic sterling LIBOR.
The report sets out the results of the FCA’s review of whether the use of its power under Article
On 22 January 2024, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2024/363 of 11 October 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2015/2205 as regards the transition to the TONA and SOFR benchmarks referenced in certain over-the-counter (OTC) derivative contracts.
Commission
On 15 January 2024, the European Parliament published a draft report from the Committee on Economic and Monetary Affairs concerning the proposed Regulation amending the Benchmark Regulation as regards the scope of the rules for benchmarks, the use in the EU of benchmarks provided by an administrator located in a third country, and certain reporting
On 20 December 2023 the Council of the EU (Council) reached a general approach on the proposed review of the European Benchmarks Regulation (EU BMR). By way of background, the European Commission (Commission) published a proposal for the EU BMR review in October 2023 (see our note). The