Clifford Chance

The new EU benchmarks regulation – what you need to know

7 September 2016

The new EU Regulation on financial benchmarks has been published in the Official Journal and has now entered into force. The Regulation imposes new requirements on firms that provide, contribute to or use a wide range of interest rate, currency, securities, commodity and other indices and reference prices. Most of the new rules will not apply until 1 January 2018 but some provisions relating to critical benchmarks are already in effect and the Commission has already designated the first critical benchmark under the Regulation. Consultations have begun on the “Level 2” measures to be adopted under the Regulation. The new rules present a significant implementation challenge, particularly where EU firms reference non-EU benchmarks in securities or derivatives or use them in the management of investment funds.

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