Part 2: Benchmarks Section 20: Extension of transitional period for benchmarks with non-UK administrators
This section amends Article 51(5) of the BMR. The section extends the expiration of the transitional period for third country benchmarks from 31 December 2022 to 31 December 2025. It also extends the provision which permits continued legacy use of a third country benchmark beyond 31 December 2025 where that benchmark is used in an existing contract or financial instrument on or before 31 December 2025. UK supervised entities will only be permitted to use third country benchmarks which have demonstrated compliance with UK law on and after 1 January 2026.