Banks call for third-country benchmark fix as EC delays BMR

Two-year delay may open the door for rethink on local legal representation requirements and recognition options

Missing pieces
Missing pieces: Third-country administrators are struggling to find legal representatives in the EU

The European Commission (EC), which this week gave an extra two years to foreign benchmark providers to register their indexes in the trading bloc, should use the extension to tweak rules and ease the path to compliance, banks and industry groups say.

A major sticking point – the need for third-country administrators to field a legal representative in a member state – should be scrapped, they argue. Not only is the requirement hiking the cost of compliance, administrators such as Hong Kong’s

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