[ESMA80 -187-881 ] BMR Brexit Statement updated

ESMA has published an updated statement regarding UK-based third country benchmarks and UK endorsed and recognised benchmarks. Specifically, as the BMR transition period has been extended until 31 December 2025, EU supervised entities may use UK third country benchmarks for references and perfomance measurement purposes – even if the benchmarks are no longer in the ESMA register. The same holds true for benchmarks that were endorsed and recognized by the UK before the end of the Brexit transition period.
As there’s currently no equivalence decision between the EU and the UK regarding this issue, UK-based third country benchmark administrators and those that are endorsed and recognized by the UK must apply until the end of the BMR transition period for official recognition or endorsement in the EU. Otherwise – beyond this period – they may no longer provide services to the EU and thus, they would be prohibited from use.