ESMA has published a new Q&A clarifying the transitional arrangements for third country benchmarks under the EU Benchmarks Regulation (BMR).

Key Points:

..Non-EEA benchmarks that are being used in the EEA before 1 January 2020 can continue to be used post 1 January 2020. New use of such benchmarks post 1 January 2020 and the use of new non-EEA benchmarks to be provided after this date will not be permitted unless the administrator has taken formal steps to permit use of the benchmark in the EEA.

..EEA benchmark providers that provided benchmarks before 1 July 2016 will be permitted to launch new benchmarks prior to being authorised or registered, until 1 January 2020 at least.