Benchmarks – Third County Access Routes

The European Union announced on 14 July 2023 that it is extending the transitional period during which its third country regime requirements are disapplied.

Detail

The transitional period was due to expire at the end of this year. It has been extended to 31 December 2025. The two-year stay of execution is the last possible extension that the EU is permitted to grant under the existing level 1 framework.

Once it comes into force, a benchmark administrator will be required to use one of the "third country access routes" in order for EU supervised entities¹ to continue to use² its benchmarks beyond 31 December 2025³.

Article 29(1) of the BMR states that a supervised entity may use a benchmark⁴ or a combination of benchmarks in the Union if the benchmark is provided by an administrator located in the Union and included in the register ... or is a benchmark which is included in the register.