Joint Industry Statement
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Benchmarks Regulation: Cross-industry request for extension of the third country benchmarks transition period
BRUSSELS, 20 November – The EBF, together with a number of other trade associations, has published a paper expressing concern that the EU Benchmarks Regulation third country benchmarks regime transition period should be extended to end-2025. It is currently set to expire at the end of 2021. The European Parliament and EU Council of Ministers are in final negotiations on a revision of BMR, with the Council having supported an extension to end-2025 in its version of the draft text.
The associations believe that this extension is urgently needed to prevent putting EU firms from being placed at a competitive disadvantage in global markets and to allow policy-makers to conduct a comprehensive review of the current third country regime under BMR.
Contact:
Francisco Saravia, Senior Policy Adviser, Prudential Policy and Supervision f.saravia@ebf.eu
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]]>Publication date: 10 May 2016
Introduction
A strong, open and resilient technological ecosystem is essential to the health and protection of financial markets. Increased reliance on and use of technology creates benefits, but also engender inherent risks. Those risks, both to technological infrastructure and financial stability, require responses from regulators and government agencies, and we applaud governments for paying closer attention to this critically important issue.
It is also important, however, that countries and jurisdictions tackling risks do not create rules that inadvertently force global businesses to fragment their technology systems, impeding competition and innovation, thereby harming investors. This fragmentation would not only impede the flow of global capital and its contribution to economic growth, but also exacerbate the very risks regulators are trying to mitigate.
Countries everywhere are grappling with these new and intrinsically global challenges. We therefore believe that a conversation between policymakers, industry and other interest groups needs to take place at an international level to ensure that policy remains effective and that the global economy benefits from the full promise technology stands to offer. In the interests of helping begin that conversation, the Securities Industry and Financial Markets Association (SIFMA), Asia Securities Industry and Financial Markets Association (ASIFMA), European Banking Association (EBA) and International Swaps and Derivatives Association (ISDA), have outlined a set of principles we believe are essential for the formation of effective policy on cybersecurity, data and technology.
To read the full text click on “FULL DOCUMENT”
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Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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