EU Benchmark Regulation definition
Examples of EU Benchmark Regulation in a sentence
Certain "benchmarks" may either (i) not fall within the scope of the EU Benchmark Regulation by virtue of Article 2 of that regulation or (ii) the transitional provisions in Article 51 of the EU Benchmark Regulation, apply such that the administrator of certain other "benchmarks" which would otherwise be in scope at the date of the relevant Final Terms is not required to obtain authorisation/registration (or, if located outside of the European Union, recognition, endorsement or equivalence).
Amounts payable under the Notes may be calculated by reference to one or more "benchmarks" for the purposes of Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 2016 (the "EU Benchmark Regulation").
In this case, a statement will be included in the applicable Final Terms as to whether or not the relevant administrator of the "benchmark" is included in ESMA's register of administrators under Article 36 of the EU Benchmark Regulation.
In the event that the Calculation Agent becomes aware that the benchmark used to calculate the interest rate is not in compliance with EU Benchmark Regulation (Regulation (EU) 2016/1011) (the "Benchmark Regulation"), the Calculation Agent shall not be required to perform its duties until such time as the Issuer has identified an acceptable replacement benchmark and instructed the Calculation Agent accordingly.
Each of the EU Benchmarks Regulation and the UK Benchmark Regulation could have a material impact on any Notes linked to or referencing a benchmark to which the EU Benchmark Regulation or UK Benchmark Regulation applies, in particular if the methodology or other terms of the "benchmark" are changed in order to comply with the terms of the EU Benchmarks Regulation or the UK Benchmark Regulation.
The EU Benchmark Regulation was published in the Official Journal of the EU on June 29, 2016 and has been in force since January 1, 2018 and the UK Benchmark Regulation took effect on January 1, 2021 but effectively encapsulates post-Brexit (and pending and future amendments) the provisions of EU Benchmark Regulation.
The EU Benchmark Regulation and the UK Benchmark Regulation apply to the provision of benchmarks, the contribution of input data to a benchmark and the use of a benchmark within the EU and UK, respectively.
The EU Benchmark Regulation applies to 'contributors' to, 'administrators' of, and 'users' of benchmarks in the EU.