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ESMA: Rules for Third Country Benchmarks Are Not Fit for Purpose and Should Be Reviewed
September 1, 2022On August 19, the European Securities and Markets Authority (“ESMA”) announced the publication of its response to a consultation on the European Commission’s (the “Commission”) proposals to amend the regime for the provision of “third country” (meaning non-EU) benchmarks into the EU under the Benchmarks Regulation (“BMR”). The Commission’s consultation, which concluded on August 12, 2022, asked for views on whether the rules applicable to the use of benchmarks administered in a third country, which will fully enter into application in January 2024, are fit for purpose and if not, how should the BMR’s third country regime be amended. The BMR entered into force in January 2018, however the use of non-BMR compliant third country benchmarks in the EU is still permitted until December 31, 2023 under transitional arrangements.
