The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For guidance, see Practice Notes: Brexit—impact on finance transactions—Brexit planning and impact—key issues for debt capital markets transactions and Impact of Brexit: Benchmarks Regulation—quick guide.
This Practice Note provides high-level guidance on Regulation (EU) 2016/1011 (the Benchmarks Regulation). For more detailed information, see Practice Note: Benchmarks Regulation—essentials.
Benchmarks are vital to the pricing of numerous financial instruments and commercial and non-commercial contracts. Following reports of the manipulation of various benchmarks, such as LIBOR, there were widespread concerns as to the integrity of benchmarks generally. This resulted in subsequent investigations and enforcement action by regulators into various benchmarks. It is in this context that on 18 September 2013, the European Commission published its proposal for a Regulation on indices used as benchmarks in financial instruments and financial contracts. The Benchmarks Regulation was published in the Official Journal on 29 June 2016 and came into force on 30 June 2016. The majority of its provisions apply from 1 January 2018.
Regulation (EU) 2019/2089 amending the Benchmarks Regulation as regards
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