Benchmark Regulation Timeline

Expiry of UK BMR transitional provisions for third-country benchmarks. Use in the UK by supervised entities of benchmarks provided by third-country administrators can continue until 31 December 2030.

Expiry of EU BMR transitional provisions for third-country benchmarks. Use in the EU by supervised entities of benchmarks provided by a third-country administrator can continue until 31 December 2025.

LIBOR phase-out commenced.

EU legislation gave the European Commission the power to mandate the use of a designated replacement rate for any critical or third-country benchmark that is to be discontinued, is no longer representative, or is no longer authorised for use in the EU.

End of Brexit Transitional Period under EU Withdrawal Agreement.

The Financial Services Bill 2019-21 was introduced in the House of Commons. The Bill was subsequently enacted and gives the FCA enhanced powers to determine that a critical benchmark is no longer representative of the market or economic reality that it is intended to measure, and that the representativeness cannot be restored.

Expiry of transitional period under the original Benchmark Regulation. Exit Day for UK under EU Withdrawal Agreement occurred on 31 January 2020.

EEA Administrators who started providing benchmarks on or after 1 January 2018 need to be authorised or registered for their benchmarks to be used by supervised entities in the EEA.

For EEA Administrators who started providing benchmarks between 1 July 2016 and 31 December 2017, were only able to continue to provide benchmarks that were already provided before 1 January 2018 (including updates or modifications to those benchmarks). They were not permitted to provide new benchmarks after 1 January 2018 unless they became authorised or registered.