rec_21

(21) At the time of the adoption of Regulation (EU) 2016/1011 it was expected that, by the end of 2021, third countries would establish similar regulatory regimes for financial benchmarks and that the use in the Union by supervised entities of third-country benchmarks would be ensured by equivalence decisions adopted by the Commission or by recognition or endorsement granted by competent authorities. However, limited progress has been made in that regard. The scope of the regulatory regime for financial benchmarks differs significantly between the Union and third countries. Therefore, to ensure the smooth functioning of the internal market and the availability of third-country benchmarks for use in the Union after the end of the transitional period, the Commission should, by 15 June 2023, present a report on the review of the scope of Regulation (EU) 2016/1011, as amended by this Regulation, with particular regard to its effect on the use of third-country benchmarks in the Union. In that report the Commission should analyse the consequences of the far-reaching scope of such regulation for Union administrators and users of benchmarks also with respect to the continued use of third-country benchmarks. In particular, the Commission should assess whether there is a need to further amend Regulation (EU) 2016/1011 in order to reduce its scope only to administrators of certain types of benchmarks or to administrators whose benchmarks are widely used in the Union.

← rec_20 · All articles · rec_22 →

Source: EUR-Lex (Cellar) · retrieved 2026-10-18 · Text as adopted (Official Journal); later amendments are not incorporated in this text.