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Published date: 22 July 2020

Amending the transitional period for third country benchmarks under the UK Benchmarks Regulation - Policy Statement

1.1 HM Treasury is proposing to extend the transitional period for third country benchmarks from 31 December 2022 to 31 December 2025. This policy statement sets out the rationale and proposed approach.

1.2 The EU Benchmarks regulation (BMR) [Regulation (EU) 2016/1011, June 2016] is a regulatory framework which places requirements on administrators, supervised contributors and supervised users of benchmarks. These requirements relate to benchmark methodology, governance and transparency. The BMR has directly applied in the UK since 1 January 2018. To ensure that the existing regime continues to operate effectively following EU Exit, the UK made amendments to the BMR to address deficiencies through the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019. The BMR as amended will become retained EU law (UK BMR) and will take effect in the UK at the end of the EU Exit Transition Period (TP).

1.3 The UK BMR stipulates that only benchmarks approved for use via one