Review of the Benchmark Regulation
On 27 July 2017, the UK Financial Conduct Authority (FCA) announced its resolution to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. As supervisor of the LIBOR, the FCA wanted to allow for a smooth transition to alternative reference rates of this widely used benchmark. On 24 July 2020, the European Commission adopted a proposal to amend the Benchmarks, Regulation. The most important part of this proposal is to regulate the replacement rate of a benchmark in cessation (in this case: LIBOR) and to avoid a legal vacuum. This amendment would empower the European Commission to designate, by an implementing act, a statutory replacement rate to replace the reference to the benchmark in cessation, if this cessation may result in significant disruption of financial markets in the Union.
Briefing
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Tipo de publicación
Autor
Palabra clave
- aplicación del Derecho de la UE
- ASUNTOS FINANCIEROS
- consumo
- control financiero
- Derecho de la Unión Europea
- Euribor
- INTERCAMBIOS ECONÓMICOS Y COMERCIALES
- libre circulación de capitales
- mercado financiero
- precios
- presupuesto
- protección del consumidor
- reglamentación financiera
- reglamento (UE)
- relaciones monetarias
- UNIÓN EUROPEA
- índice de precios