LONDON (Reuters) – The European Union has agreed to give the financial sector an extra two years to comply with new rules aimed at avoiding a repeat of attempts to rig Libor and other high-profile interest rate benchmarks.
The executive European Commission said late on Monday that representatives of EU states and the European Parliament backed giving compilers of “critical” interest rate and other widely used benchmarks until Dec. 31, 2021 to comply.
In a surprise move, they also backed giving compilers of ‘non-critical’ benchmarks based outside the bloc two more years to obtain EU authorization for their indexes to be used by EU customers. Formal rubber-stamping of the deal is needed for the changes to come into effect.
The full article is available at https://www.reuters.com/article/us-eu-benchmarks/eu-gives-market-benchmark-compilers-two-year-grace-period-idUSKCN1QF1N9