As discussed in a paper published by the UK’s Financial Markets Law Committee  (FMLC) on 23 October 2019, the main consequence of Brexit for the financial services industry is that the UK will be a ‘third country’ under EU law.  While a deal on a transition period may postpone the issue and a subsequent ‘soft’ Brexit may mitigate its impact, once the UK exits the EU it will become a third country under EU law.

In this briefing we consider the impact of Brexit, whether hard or soft, on funds’ use of UK benchmarks including the possible consequences for LIBOR’s successor rate (if any) in light of the transitional provisions under the EU’s Benchmark Regulation.  Click here or on the image below to download our full briefing.