Benchmark regulation
Benchmark Regulation timeline
Benchmark Regulation
Key implementation dates and developments in relation to the Benchmark Regulation are set out below.
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Timeline
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31 December 2023
Expiry of transitional provisions for third-country benchmarks. Use in the EU by supervised entities of benchmarks provided by a third-country administrator is permitted where the benchmark is already used in the EU for financial instruments, financial contracts, or for measuring the performance of an investment fund where the benchmark is already referenced prior to 31 December 2023. An existing benchmark recognised as a critical benchmark can continue to be used for existing and new financial instruments, financial contracts, or for measuring the performance of an investment fund, until this date.
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End of 2021
LIBOR expected to be phased out.
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February 2021
The EU Amending Regulation entered into force and applied from 13 February 2021. The Amending Regulation gives the European Commission the power to mandate the use of a designated replacement rate for any critical or third-country benchmark that is to be discontinued, is no longer representative, or is no longer authorised for use in the EU.
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December 2020
End of Brexit Transitional Period under EU Withdrawal Agreement.
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October 2020
The Financial Services Bill 2019-21 was introduced in the House of Commons. The Bill gives the FCA enhanced powers to determine that a critical benchmark is no longer representative of the market or economic reality that it is intended to measure, and that representativeness cannot be restored.
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April 2020
Report on the operation of third-country benchmarks in the EU (including the accessibility of the third-country administrator endorsement, recognition and equivalence regimes) to be submitted to the European Parliament and the Council of the EU by this date.
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January 2020
Expiry of transitional period under the original Benchmark Regulation. Exit Day for UK under Withdrawal Agreement currently falls within this period.
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Post 1 January 2018
For EEA administrators who started providing benchmarks on or after 1 January 2018, they will need to be authorised or registered for their benchmarks to be used by supervised entities in the EEA.
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1 July 2016 – 31 December 2017
For EEA administrators who started providing benchmarks between 1 July 2016 and 31 December 2017, they can only continue to provide benchmarks already provided before 1 January 2018 (including updates or modifications to those benchmarks). They cannot produce new benchmarks after 1 January 2018 unless they have become authorised or registered.
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Pre 1 July 2016
EEA Administrators already providing benchmarks before 1 July 2016 can continue to provide benchmarks without authorisation or registration until 1 January 2020 or, if they have submitted an application for authorisation or registration by that date, until their application is refused. This means they may continue to provide benchmarks already provided before 1 January 2018 (this includes updates or modifications to those benchmarks), and provide new benchmarks after 1 January 2018.
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Key Contacts
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