The EU benchmarks regulation obliges administrators from within and outside the EU to become authorised within the EU, in order that their benchmarks remain available for use within the EU.
After Brexit the EU benchmarks regulation will no longer apply to the UK. Instead, the UK is adopting a version of the EU benchmarks regulation. Its requirements are identical to those of the EU regulation: benchmarks provided from outside the UK must be authorised if their use is to continue within the UK.
Most benchmark providers based within the EU and UK should already have gained authorisation, in the former case under the existing EU benchmarks regulation, and in the latter case initially under the EU benchmarks regulation, with their authorisation automatically switch to the incoming UK benchmarks regulation on 1/1/2021. We work with existing administrators who are not yet authorised, and with new administrators, to help them become compliant with their regulatory obligations and to make their regulatory applications, and we provide administration services that can in some circumstances remove the need for clients to themselves become regulated benchmark administrators*.
From 1/1/2022**, many non-EU indices used by EU market participants must be recognised or endorsed within the EU, in order for that usage to continue. From 1/1/2026 the same is true of non-UK indices used within the UK. In both cases, we provide the required legal representative and endorsement services needed for non-EU / non-UK index providers to ensure their indices can be used within the EU and/or UK.
We do the above by leveraging our expertise. During our decades of experience in index governance and now in index regulation, we have developed an effective, efficient and pragmatic way of bringing our clients to compliance with regulatory requirements, while minimising the impact on them. Please feel free to contact us to discuss the regulations and your needs.
* For example, please refer to our page detailing the TP ICAP benchmarks.
** Please note the EU Council has proposed amendments to the EU benchmarks regulation that may extend this requirement to 2025. Please get in touch with us if you would like to receive further information if the regulation is indeed adjusted, via firstname.lastname@example.org.