Benchmark Regulation: Council adopts position on amendments addressing LIBOR cessation

The Council also provides for the possible statutory replacement of benchmarks that do have a fall-back provision for the cessation of a benchmark, but where the application of that clause would challenge financial stability and disrupt the market in a member state.

Finally, the Council takes the view that the current rules allowing EU supervised entities to make use of third-country benchmarks should continue to apply until the end of 2025 and not 2021, thus allowing a smooth transition to a list of exempted benchmarks to be drawn up by the Commission.

On the basis of this negotiating mandate, the presidency will start negotiations with the European Parliament as soon as the Parliament has adopted its position.

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