European Benchmark Regulation 2020

Thursday, 16 July 2020

European Benchmark Regulation 2020

The benchmarks regulation is a european response to the libor and euribor scandals and will bring firms into scope who on a domestic level would not otherwise consider themselves to be administering contributing to or using a benchmark. Most of the provisions came into effect on 1 january 2018the regulation introduces a common framework and consistent approach to benchmark regulation across the eu.

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European benchmark regulation faqs refinitiv benchmark services uk limited rbsl is an authorized benchmark.

European benchmark regulation 2020. Esma developed draft regulatory technical standards rts and implementing technical standards its on a large number of areas and also provided the commission with technical advice. The european securities and markets authority esma the eus securities markets regulator has published its response to the european commissions ec consultation on the review of the benchmark regulation bmr. The european commission intends to achieve.

The benchmarks regulation introduces a regime for benchmark administrators that ensures the accuracy and integrity of benchmarks. The european regulation on indexes used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds the eu bmr applies from 1 january 2018. Download the ftse russell and eu benchmark regulation faqs.

The eu benchmark regulation bmr has set the deadline of 1 january 2020 for new compliant benchmarks. Esmas responses focus on the cessation of critical benchmarks parity between eu and third country benchmarks and transparency. Those using a reference rate as a benchmark in the eu must ensure that it is administered by an authorized benchmark administrator by 1 january 2020.

For existing contracts non compliant benchmarks can still be used subject to a decision by the competent. The stated aim of the benchmarks regulation is to restore confidence in the accuracy and integrity of benchmarks. After the 1 january 2020 deadline only eu bmr compliant benchmarks may be used in new contracts.

The regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds eu benchmarks regulation entered into force on 30 june 2016. Esma coordinates the supervision of benchmark administrators by national.

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