On 24 October 2024, there was published the European Parliament’s position adopted at first reading on 24 April 2024 with a view to the adoption of Regulation (EU) 2024 amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in
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
On 19 December 2023, the Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 (SI 2023/1409) (the Regulations) were published, along with an explanatory memorandum.
The Financial Services and Markets Act 2023 (FSMA 2023) repeals retained EU law (REUL) relating to financial services, to enable
On 15 December 2023, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Benchmarks Regulation (BMR).
The following Q&As have been modified
On 15 December 2023, the European Securities and Markets Authority (ESMA) issued a public statement in relation to the consequences of Brexit for the ESMA register for benchmark administrators and third country benchmarks (ESMA register) under the Benchmark Regulation (BMR).
Key points in the public statement include:
On 13 December 2023, the European Securities and Markets Authority (ESMA) issued a report on administrative sanctions and measures and criminal sanctions imposed under the Benchmarks Regulation (BMR) in 2022. The report is the second annual sanctions report pursuant to the BMR. It notes that in 2022, one administrative sanction and
On 7 November 2023, HM Treasury (HMT) published a policy paper on extending the transitional period for third country benchmarks under the UK Benchmarks Regulation.
The policy paper confirmed that the Government would be laying a statutory instrument extending the transitional period for third country benchmarks to 31 December 2030 by amending Article