News & Analysis as of September 8, 2025

European Union › EU Benchmark Regulation

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

EC consults on draft Delegated Regulation on fees payable to ESMA following BMR review

A&O Shearman on 8/6/2025

The European Commission has published a proposed draft Delegated Regulation on supervisory fees under the revised EU Benchmarks Regulation...more

EU provisional agreement on regulation amending the Benchmarks Regulation

A&O Shearman on 12/18/2024

The Council of the European Union and the European Parliament have reached a provisional agreement on the proposed Regulation amending the Benchmark Regulation. The proposed Regulation will amend the scope of the benchmark...more

European Commission Reports on Extending Empowerment to Adopt Delegated Acts Under the Benchmark Regulation

A&O Shearman on 6/19/2024

The European Commission has published a report addressed to the European Parliament and Council of the European Union on the delegation of power to adopt delegated acts conferred on the Commission pursuant to the Benchmark...more

Regulation Round Up - February 2024

Proskauer Rose LLP on 3/5/2024

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

EU Supervisors to Scrutinise ESG Benchmark Disclosures

Latham & Watkins LLP on 12/19/2023

Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024. On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more

EU Proposes Reducing Scope of the EU Benchmark Regulation

A&O Shearman on 11/6/2023

The European Commission has published a legislative proposal for reducing the scope of the EU Benchmark Regulation. The EU BMR provides the authorization and registration requirements for benchmark administrators, including...more

EU Extends Use of Third-Country Benchmarks Until End 2025

A&O Shearman on 11/6/2023

A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union....more

The wait is over – the final EU recast risk retention rules will enter into force on 7 November 2023

A&O Shearman on 10/23/2023

EU Securitisation Regulation – the long-awaited final text of the recast risk retention regulatory technical standards (RTS) has been published in the Official Journal on 18 October 2023 and will enter into force on 7...more

European Commission Seeks to Exclude Non-Significant Benchmarks From the BMR

Latham & Watkins LLP on 10/20/2023

The proposal would substantially reduce the number of benchmarks in scope of the EU BMR. On 17 October 2023, the European Commission published a legislative proposal that would significantly alter the benchmarks in scope...more

Regulation Round Up - March 2023

Proskauer Rose LLP on 4/10/2023

31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more

ESMA: Rules for Third Country Benchmarks Are Not Fit for Purpose and Should Be Reviewed

Cadwalader, Wickersham & Taft LLP on 9/2/2022

On August 19, the European Securities and Markets Authority (“ESMA”) announced the publication of its response to a consultation on the European Commission’s (the “Commission”) proposals to amend the regime for the provision...more

Sustainable Finance Disclosure Regulation (SFDR): What To Expect

Morrison & Foerster LLP on 3/11/2021

As recently confirmed, the EU Sustainable Finance Disclosure Regulation (SFDR), becomes effective on 10 March 2021. The SFDR imposes sustainability-related disclosure requirements on financial services institutions such as...more

Securities and markets regulatory news, March 2021

Hogan Lovells on 3/1/2021

UK CCPs: HM Treasury consults on expanded resolution regime - HM Treasury is consulting on an expanded resolution regime for central counterparties (CCPs). HM Treasury intends to revise and expand the UK CCP resolution...more

HM Treasury Announces Welcome Proposed Amendments to the UK Benchmarks Regulation

Latham & Watkins LLP on 6/29/2020

The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. On 23 June 2020, the FCA published a statement...more

Securities and markets regulatory news, April 2020

Hogan Lovells on 4/9/2020

BMR: European Commission consults on equivalence for Japanese benchmarks - The European Commission is consulting on a draft Implementing Decision on the equivalence of the legal and supervisory framework applicable to...more

New Draft Regulatory Technical Standards Under the EU Benchmarks Regulation

Latham & Watkins LLP on 4/2/2020

The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks. Key Points: ..The draft RTS contain new guidance that makes clear who is responsible for which...more

ESMA Provides Its Input on the BMR Review

Latham & Watkins LLP on 2/20/2020

ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more

In Principle: 10 Things Authorised Firms Need to Know for 2020

Akin Gump Strauss Hauer & Feld LLP on 1/30/2020

Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Latham & Watkins LLP on 1/14/2020

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

European Securities and Markets Authority Publishes Information on Pending Applications for Benchmark Administrators

A&O Shearman on 12/31/2019

The European Securities and Markets Authority has published a list of the entities that are awaiting their national regulator’s approval for authorization and registration as EU benchmark administrators. Under the EU...more

Major Steps Forward for EU Sustainable Finance

Jones Day on 12/27/2019

The Situation: Three major pillars of the EU action plan on sustainable finance ("EU Action Plan") at varying stages of development have taken steps forward. The Result: We now have a regulation on climate-related benchmarks...more

Working Group on Euro Risk-Free Rates Recommends Fallback Provisions Contracts Referencing EURIBOR

A&O Shearman on 12/2/2019

The European Central Bank has published a report by the working group on euro risk-free rates providing high-level recommendations for fall-back provisions in contracts for cash products and derivatives transactions...more

Update for asset and fund managers - environmental, social and governance (ESG) regulatory developments

A&O Shearman on 11/25/2019

Sustainable investing and ESG have become “buzz” words in the asset and fund management industry, with a vast array of new industry bodies and initiatives both in the EU and globally. New regulations are also emerging as the...more

Review of the EU Benchmarks Regulation

Latham & Watkins LLP on 10/15/2019

European Commission review will inform potential future legislative change. Key Points: ..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...more

UK Statutory Instrument Published to Amend Benchmark Regulations

A&O Shearman on 10/7/2019

A U.K. statutory instrument has been published amending the existing U.K. legislation that gives effect to the EU Benchmarks Regulation. The new statutory instrument – the Financial Services and Markets Act 2000 (Benchmarks)...more

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European Union › EU Benchmark Regulation

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