Government explains rationale for extending transitional period for third country benchmarks

Released 22 July 2020

HM Treasury has issued a statement explaining the Government’s rationale for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation to 31 December 2025.

The extension is designed to allow UK supervised entities to continue using benchmarks provided by administrators located outside the UK in new financial contracts and instruments without these benchmarks being registered with the FCA until end-2025. This prevents the risk of UK firms losing access after end-2022 to important benchmarks provided by non-UK administrators who are unable or unwilling to apply for continued market access through the existing third country regime under the UK Benchmarks Regulation.

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