UK:
UK Details Proposed Brexit Approach To EU Benchmark Regulation
03 December 2018
Cadwalader, Wickersham & Taft LLP
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In a draft policy note titled The Benchmarks (Amendment) (EU
Exit) Regulations 2018: Explanatory Information, the UK
Government detailed its approach to "onshoring
financial services legislation." The proposed approach would
retain and amend EU law so that the EU Benchmark Regulation
("BMR") continues to operate in the UK after the exit
date.
The proposed approach would:
- create a UK register for benchmarks,
with the UK supervised entities being permitted to use the
benchmarks on that register;
- establish a temporary 24-month
transition period for EU-approved benchmarks; beyond that period,
those benchmarks would have to be approved by the Financial Conduct
Authority (through equivalence, recognition or endorsement);
- retain refusal decisions given prior
to the exit day; and
- eliminate requirements for
cooperation and information sharing.
Market participants are expected to make further submissions
when the published draft is available.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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