FIA, working with 13 other trades associations representing all corners of financial markets, has published a paper expressing concern that the EU Benchmarks Regulation third country benchmarks regime transition period should be extended to end-2025. It is currently set to expire at the end of 2021. The European Parliament and EU Council of Ministers are in final negotiations on a revision of BMR, with the Council having supported an extension to end-2025 in its version of the draft text.
The associations believe that this extension is urgently needed to prevent putting EU firms from being placed at a competitive disadvantage in global markets and to allow policy-makers to conduct a comprehensive review of the current third country regime under BMR.
