The Council of the EU announced that it has adopted the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (the Benchmark Regulation). As reported in our April Front Page, the European Parliament's adopted the Benchmark Regulation on 28 April 2016. The Benchmark Regulation will enter into force on the day after its publication in the Official Journal of the EU. It will apply 18 months after it enters into force.
- definition of benchmarks;
- measurement of the use of critical and significant benchmarks;
- criteria for the identification of critical benchmarks;
- endorsement of a benchmark / family of benchmarks provided in third countries; and
- transitional provisions