Finance Hub

Financial Regulation Benchmark Regulation

The Benchmark Regulation (BMR) has applied since 1 January 2018. It is intended to improve governance and controls over the benchmark process. It sets out requirements in relation to benchmark administrators, contributors of input data to a benchmark and users of benchmarks.

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The Benchmark Regulation came into force in June 2016 and applied from 1 January 2018. It was introduced to address concerns in relation to the accuracy and integrity of benchmarks and is a legislative response to the LIBOR and EURIBOR scandals. It is intended to improve governance and controls over the benchmark process, particularly in relation to conflicts of interest, and improve the quality of input data and methodologies. The Benchmark Regulation covers each stage of the benchmark process, setting out requirements in relation to providers of benchmarks (referred to as benchmark administrators), contributors of input data to a benchmark and users of benchmarks. The Benchmark Regulation covers benchmarks referenced in financial instruments traded on trading venues, benchmarks referenced in mortgage and consumer credit contracts, and benchmarks measuring of the performance of an investment fund.

Ashurst has developed this portal to help you navigate and stay up to speed with the Benchmark Regulation.

Our relevant experience includes the following:

  • acting as the legal advisor to a leading financial information and services company in connection with structuring and legal issues for benchmark administrators arising out of the BMR;
  • assisting a major international bank with an internal review exercise, to determine the extent of its use of "in-scope" BMR benchmarks, and contingency planning related to the use of those benchmarks; 
  • advising a major international bank on territorial issues relating to the BMR, in particular, the impact of the BMR on third-country firms;
  • advising a major international bank on the application of BMR to certain derivative products; and
  • preparing regulatory update notes of key working group calls relating to, in particular, contingency planning measures required under the BMR.
 

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We bring together lawyers of the highest calibre with the technical knowledge, industry experience and regional know-how to provide the incisive advice our clients need.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying it to specific issues or transactions.

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