EU Council Gears Up For New Benchmark Rule Talks

Law360, London (October 8, 2020, 6:01 PM BST) -- The European Council has said it will begin talks with the European Parliament over proposed new rules governing benchmark rates but has urged lawmakers to make the new regime even tougher than planned, after a spate of high-profile scandals has led lawmakers to clamp down on benchmark regulation.

The European Council, which is made up of governments of member states, said Wednesday it will soon start negotiations with the EU Parliament on the new rules, which would give extra statutory powers to to the European Commission — the bloc's executive arm — to designate replacement rates when benchmarks run into trouble....

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