financial regulation
Benchmark Regulation
The Benchmark Regulation (BMR) has applied since 1 January 2018. It is intended to improve governance and controls over the benchmark process. It sets out requirements in relation to benchmark administrators, contributors of input data to a benchmark and users of benchmarks.
Our expertise
The Benchmark Regulation came into force in June 2016 and applied from 1 January 2018. It was introduced to address concerns in relation to the accuracy and integrity of benchmarks and is a legislative response to the LIBOR and EURIBOR scandals. It is intended to improve governance and controls over the benchmark process, particularly in relation to conflicts of interest, and improve the quality of input data and methodologies. The Benchmark Regulation covers each stage of the benchmark process, setting out requirements in relation to providers of benchmarks (referred to as benchmark administrators), contributors of input data to a benchmark and users of benchmarks. The Benchmark Regulation covers benchmarks referenced in financial instruments traded on trading venues, benchmarks referenced in mortgage and consumer credit contracts, and benchmarks measuring of the performance of an investment fund.
Ashurst has developed this portal to help you navigate and stay up to speed with the Benchmark Regulation.
Our relevant experience includes the following:
- acting as the legal advisor to a leading financial information and services company in connection with structuring and legal issues for benchmark administrators arising out of the BMR;
- 协助主要的国际银行与国际米兰nal review exercise, to determine the extent of its use of "in-scope" BMR benchmarks, and contingency planning related to the use of those benchmarks;
- advising a major international bank on territorial issues relating to the BMR, in particular, the impact of the BMR on third-country firms;
- advising a major international bank on the application of BMR to certain derivative products; and
- preparing regulatory update notes of key working group calls relating to, in particular, contingency planning measures required under the BMR.
BMR resources
Briefings
View our full range of publications and briefings on this topic
Sources of regulation
Includes legislation currently in force, as well as draft delegated regulations and RTS
Timeline
Key implementation dates for the Benchmark Regulation
Key contacts
Readers should take legal advice before applying it to specific issues or transactions.