FIA has submitted a joint response with GFMA and ISDA to the European Commission’s Call for Feedback on the review of the scope and regime for non-EU benchmarks. The response sets out the associations’ comments on the EC’s proposal, along with potential draft amendments where possible, and some additional revisions that are considered to support the EC’s aims.
In summary, the associations welcome the EC’s recognition of the problems caused by the current drafting of the Benchmarks Regulation (BMR) and the careful thought and consideration that has been given to addressing them. They strongly support the aim of establishing a third-country regime that is sustainable in the long term once the current transitional regime expires, and overall consider that the proposal will result in a more proportionate regime for users and administrators of benchmarks that still provides vital protections.
Read the response.