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Email The European Commission has today published a draft regulation to amend the Benchmark Regulation (“BMR”), in respect of (i) the exemption of certain third country foreign exchange benchmarks and (ii) the designation of replacement benchmarks for certain benchmarks in cessation (the “Draft Regulation”). The latter portion of the regulation is modeled on legislation proposed by the ARRC for New York governed contracts. https://www.cadwalader.com/resources/clients-friends-memos/proposed-amendments-to-the-european-benchmark-regulation-address-tough-legacy-ibor-contracts