ISDA Responds to EC’s BMR Consultation

On August 11, 2022, ISDA submitted a response to the European Commission’s consultation on reforming the EU Benchmarks Regulation (BMR). In its response, ISDA highlights that without significant reform,  the BMR could expose benchmark users in the European Union (EU) to the threats that BMR was intended to protect them from, putting them at a competitive disadvantage to users of benchmarks in other jurisdictions. The response details a number of proposals to reform the third country regime including; making compliance mandatory for EU and third country ‘systemic’ benchmarks only; creating a voluntary regime for all other EU and third country benchmarks; reforming the prohibition on use of non-compliant systemic benchmarks; improving end-user visibility of which benchmarks are compliant; and removing uncertainty regarding key BMR provisions. Further information on the problems with the BMR and ISDA’s proposals can be found in the briefing paper: The Importance of Reforming the EU Benchmarks Regulation published on August 11, 2022.

Documents (1) for ISDA Responds to EC’s BMR Consultation

Addressing Termination Troubles

When Enron announced a shock $618 million loss on October 16, 2001, it took a further 47 days until it filed for bankruptcy. For Bear Stearns, it took 266 days between its bailout of a structured credit fund run by...