Amending the transitional period for third country benchmarks in the UK

Amending the transitional period for third country benchmarks under the UK Benchmarks Regulation

This policy statement sets out HM Treasury’s rationale for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation from 31 December 2022 to 31 December 2025. This will allow UK supervised entities to continue using benchmarks provided by administrators located outside the UK in new financial contracts and instruments without these benchmarks being registered with the FCA until end-2025. This prevents the risk of UK firms losing access after end-2022 to important benchmarks provided by non-UK administrators who are unable or unwilling to apply for continued market access through the existing third country regime under the UK Benchmarks Regulation.