Benchmarks LIBOR transition
In 2012, the Government accepted all recommendations of the Wheatley Review and amended FSMA through the Financial Services Act 2012. Under the Financial Services Act, the administration of and contribution to LIBOR became "regulated" activities. From 1 April 2015, the FCA began applying regulatory requirements to seven additional major UK-based financial benchmarks following the recommendations of the Fair and Effective Markets Review .
	The UK regulatory regime for these eight benchmarks (including LIBOR) was replaced by the EU BMR on 1 January 2018. The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135) (which implemented aspects of the EU BMR in the UK), provided for the dual operation of the pre-and post-EU BMR regulatory regimes for benchmarks.
	The EU BMR introduced a regulatory framework to ensure the accuracy, robustness and integrity of benchmarks used in the EU. The EU BMR significantly widened the scope of benchmark regulation in the UK. It places requirements on administrators of benchmarks, supervised contributors to benchmarks and supervised entities that use benchmarks. These requirements relate to benchmark methodology, governance and transparency.
	Following the end of the Transition Period, the EU Regulation forms part of retained EU law and therefore continues to apply in the UK. In order to ensure that the regime continued to work effectively after the end of the Transition Period, the BMR was amended via the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657). The EU Regulation as amended and forming part of retained EU law in the UK is referred to as the BMR.