EU Benchmark Regulation: Is your transaction up to the mark?

Key points

  • the EU Benchmark Regulation is, as of January 1 2018, now in effect, applying to administrators, users and contributors to benchmarks;
  • the Benchmark Regulation defines these terms widely, so a broad range of transaction parties may be affected by the changes;
  • transaction parties must ensure that their transaction documents are compliant, specifically by creating contingency plans and implementing wording in relation to any benchmarks connected to a finance transaction;
  • grandfathering provisions are limited in both scope and length, meaning that affected parties must now ensure that they are compliant with the Benchmark Regulation in their transactional work as soon as possible, especially as penalties for non-compliance can be severe.

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