Quick Look Brexit Financial Services Legislation Status Guide—Benchmarks Regulation

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Quick Look Brexit Financial Services Legislation Status Guide—Benchmarks Regulation
  • Onshored Benchmarks Regulation—from 1 January 2021
  • Benchmarks Regulation provisions which will not be included in EU retained law

Quick Look Brexit Financial Services Legislation Status Guide—Benchmarks Regulation

This Quick Look Brexit Financial Services Legislation Status Guide provides high level information on the status of Regulation (EU) 2016/1011 (OJ L 171/1) (the EU Benchmarks Regulation) under UK law from 1 January 2021. For more detailed information, see Practice Note: Impact of Brexit: Benchmarks Regulation—quick guide.

During the implementation period beginning on 1 January 2020 and ending on 31 January 2020 (IP completion day), the EU Benchmarks Regulation was directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), and the Withdrawal Agreement between the UK and the EU.

With effect from 1 January 2021:

  1. EU Benchmarks Regulation provisions, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, form part of EU retained law and accordingly will apply in the UK—see: Onshored Benchmarks Regulation—from 1 January 2021 and Retained Regulation (EU) 2016/1011 (UK Benchmarks Regulation), and

  2. EU Benchmarks Regulation provisions which apply from dates falling after IP completion date do not form part of EU retained law—see: Benchmarks Regulation provisions which will not be included in EU retained law

Onshored Benchmarks Regulation—from 1 January 2021

Statutory InstrumentBenchmarks Regulation provisionSummary of key changes
Benchmarks (Amendment and Transitional

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