Britain Plans Tweaks To Financial Benchmark Laws For Brexit
Law360, London (January 8, 2019, 8:08 PM GMT) -- The U.K. government on Tuesday set out its latest contingency plans to keep financial benchmarks alive for the country's financial institutions after Brexit, including a two-year transition period aimed at guaranteeing the legal framework for the market remains effective after Britain leaves the European Union in March.
HM Treasury published a draft statutory instrument on Tuesday that it will put before Parliament, covering U.K. laws and regulations that deal with benchmarks used to price trillions of dollars of financial products that have been the subject of various high-profile fraud scandals in recent years.
The statutory instrument, or SI, will remove or...
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