• Approval of compromise text underway: The European Institutions (Council, Commission and Parliament) have agreed a final consolidated text for the new EU regulation on indices used as benchmarks in financial instruments and financial contracts (the Benchmark Regulation). This compromise text was approved by the Permanent Representatives Committee (COREPER) on behalf of the European Council on 9 December 2015. The text will be submitted to a plenary session of the EP and to the Council for formal adoption. The Regulation will apply from late 2017/early 2018 - 18 months after publication in the EU’s Official Journal, which is not expected before Q2 2016.