FIA has joined the International Swaps and Derivatives Association (ISDA), the European Association of Corporate Treasurers (EACT), the Trade Association for the Emerging Markets (EMTA), and the Global Financial Markets Association (GFMA) in a response to the European Commission's call for evidence on the "Review of the scope and third-country regime of the EU Benchmarks Regulation".
The associations strongly support the proposal that only systemically important EU and third-country benchmarks that have been positively designated by the European Commission should be in scope of BMR for mandatory compliance. This approach ensures the highest level of certainty and visibility for users and administrators of benchmarks. The criteria that must be satisfied to make a positive designation are critical and discussed in some detail in the response.
