EU Seeks More Powers For Regulators In Benchmark Reforms

Law360, London (February 14, 2020, 2:40 PM GMT) -- The European securities watchdog on Friday called for better safeguards on critical financial benchmarks like the scandal-hit London Interbank Offered Rate, in the period before banks transition to more “robust” alternatives.

The European Securities and Markets Authority said national regulators should have more power over the administrators of critical interest-rate benchmarks like Libor and the European alternatives, Euribor and Eonia.

ESMA was responding to a consultation paper by the European Commission over benchmark regulation introduced in January 2018.

Banks in Europe are expected to transition by the end of 2021 to the Euro Short-Term Rate, while in the U.K. the transition...

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