FCA consults on new benchmark powers as ICE Benchmark Administration proposes to cease publication of GBP, EUR, CHF and JPY LIBOR

Article summary

The Financial Conduct Authority (FCA) has published a statement setting out its potential approach to the use of proposed new powers under the Financial Services Bill to ensure an orderly wind down of LIBOR, and has launched two consultations on its proposed policy in relation to some of the new powers it would be granted under the Benchmarks Regulation (BMR) as amended by the Bill. Comments on both consultations are sought by 18 January 2021. The FCA’s exercise of the powers would be subject to a decision by ICE Benchmark Administration (IBA) to cease publication of LIBOR as the conclusion of its own upcoming consultation.