Authors: Deepak Sitlani, Jonathan Ching, Jeremy Stokeld, Richard Levy, Phoebe Coutts, Ben Pykett, Madeleine Wanner, Mark Brown, Carson Welsh, Benedict James, Suzanna Brunton, Melissa Ferraro, Catherine Wade

UK - LIBOR Transition and the “Tough Legacy”: The European Commission’s proposal to amend the EU Benchmarks Regulation

On 24 July, the European Commission (EC) published its proposal to amend the EU Benchmarks Regulation (EU BMR) for the designation of replacement benchmarks for certain benchmarks in cessation. The EC had published an Inception Impact Assessment in March where it highlighted potential changes to the level 1 text of EU BMR to equip competent authorities with supervisory powers to ensure the orderly cessation of a critical benchmark.