The New E.U. Benchmark Regulation

The European Commission has published a legislative proposal for a regulation on financial benchmarks. The proposed Regulation aims to address concerns about the integrity and accuracy of benchmarks by regulating administrators of benchmarks, contributors to benchmarks and benchmark users. The Regulation will also prohibit the use in the E.U. of unauthorised benchmarks, including benchmarks prepared by unregistered non-E.U. administrators from non-equivalent jurisdictions.