EU BMR: The EU benchmarks regulation obliges index providers (known in the regulation as “benchmark administrators” if one or more of their indices are used within the EU) from within and outside the EU to become authorised, in order that their indices remain available for use within the EU.
UK BMR: Now the Brexit process has concluded, the EU benchmarks regulation no longer applies to the UK. Instead, the UK has adopted 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 that would be under the existing EU benchmarks regulation; in the latter it would have been initially under the EU benchmarks regulation, but such authorisations automatically switched to the 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. We then draft, agree with them and make their regulatory applications. We also provide administration services that can in some circumstances remove the need for clients to themselves become regulated benchmark administrators*.
From 31/12/2023, 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.UK BMR
* For example, please refer to our page detailing the TP ICAP benchmarks.