The IRSG broadly welcomes the aim of the European Commission's proposal on benchmarks to ensure benchmarks are robust and reliable. The proposed new recognition regime (which would allow third country firms to choose to register and comply with the Regulation without being established in the EU) is a welcome step forward in achieving this goal. However, concerns remain over the sufficient incentivisation of third country firms, the need for appropiate cooperation between the relevant competent authority or ESMA and the third country authority and, finally, the transitional arrangements for EU benchmark administrators.
Read our previous briefing on EU benchmark regulation here.
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