News & Analysis as of August 24, 2025

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

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 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

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

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

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

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

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

EU Equivalence for Australian and Singaporean Benchmarks

A&O Shearman on 8/9/2019

Two equivalence decisions under the EU Benchmark Regulation have been published in the Official Journal of the European Union. The first decision declares as equivalent to the EU regime the legal and supervisory framework of...more

ESMA Updates Q&As on BMR: May 2019

Orrick - Finance 20/20 on 5/30/2019

On May 23, the European Securities and Markets Authority (ESMA) published an updated version (ESMA70-145-11) of its Q&As on the Benchmarks Regulation ((EU) 2016/1011) (BMR), which were previously updated in January 2019. ...more

Governance & Securities Law Focus: Europe Edition, April 2019

A&O Shearman on 4/25/2019

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more

Regulation Round Up - March 2019

Proskauer Rose LLP on 4/3/2019

1 March - The European Banking Authority ("EBA") published an opinion on deposit protection resulting from the United Kingdom's ("UK") withdrawal from the European Union ("EU"). The Financial Conduct Authority ("FCA")...more

Technical Standards Under the EU Benchmarks Regulation to Apply From January 2019

A&O Shearman on 11/14/2018

A series of ten Commission Delegated Regulations, comprising all of the Regulatory Technical Standards to supplement the EU Benchmarks Regulation, has been published in the Official Journal of the European Union....more

EU Implementing Regulations for Benchmark Regulation Published

A&O Shearman on 8/17/2018

Two Commission Implementing Regulations supplementing the Benchmark Regulation have been published in the Official Journal of the European Union. The Benchmark Regulation, which took effect across the EU in January 2018, sets...more

ESMA Updates Q&As on Benchmark Regulation

Orrick - Finance 20/20 on 2/14/2018

On February 5, the European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As on the implementation of the Regulation on indices used in financial instruments and financial contracts or to...more

ESMA Clarifies Third Country Transitionals Under the EU Benchmarks Regulation

Latham & Watkins LLP on 11/10/2017

ESMA has published a new Q&A clarifying the transitional arrangements for third country benchmarks under the EU Benchmarks Regulation (BMR). Key Points: ..Non-EEA benchmarks that are being used in the EEA before 1...more

ESMA Consults on Draft Guidelines on Non–Significant Benchmarks Under Benchmarks Regulation

Orrick - Finance 20/20 on 10/3/2017

On September 29, 2017, ESMA published a consultation paper on draft guidelines for non-significant benchmarks under the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure...more

Clarifications to Key Concepts Under The EU Benchmarks Regulation

Latham & Watkins LLP on 7/3/2017

The European Commission is consulting on delegated acts clarifying the meaning of certain key terms. On 22 June 2017, the Commission published four draft delegated acts under the EU Benchmarks Regulation (BMR). These acts...more

European Securities and Markets Authority Publishes Final Draft Technical Standards Under the Benchmarks Regulation

A&O Shearman on 4/10/2017

The European Securities and Markets Authority has published its final Report containing draft regulatory and implementing technical standards under the Benchmarks Regulation. The Benchmark Regulation sets out the...more

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