Policy paper

Amending the transitional period for third country benchmarks in the UK

This statement explains the government’s rationale for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation to 31 December 2025.

• From: HM Treasury
• Published: 22 July 2020

This was published under the 2019 to 2022 Johnson Conservative government

Documents

Amending the transitional period for third country benchmarks under the UK Benchmarks Regulation

Ref: ISBN 978-1-913635-45-9, 2980

PDF, 179 KB, 7 pages

Details

This policy statement sets out HM Treasury’s rationale for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation from 31 December 2022 to 31 December 2025. This will allow UK supervised entities to continue using benchmarks provided by administrators located outside the UK in new financial contracts and instruments without these benchmarks being registered with the FCA until end-2025. This prevents the risk of UK firms losing access after end-2022 to important benchmarks provided by non-UK administrators who are unable or unwilling to apply for continued market access through the existing third country regime under the UK Benchmarks Regulation.

Published 22 July 2020