A commodity index solution

Notice of ESMA Benchmark Administrator Register change due to expiration of Brexit transition period

Since authorisation in 2018, RBSL has been listed on the ESMA Register for benchmark administrators. Following ESMA's public statement on 1 October 2020, at the end of the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be removed from the ESMA register and will become third country administrators under the EU Benchmark Regulation (‘EU BMR’).

However, EU BMR provided a third-country transition period during which third country administrators (including RBSL) can continue providing benchmarks (including all RBSL benchmarks) for use by EU supervised entities. The transition period is until 31 December 2021 and is currently being extended until 31 December 2023. Third country administrators will have until the end of this transition period to gain permission under EU BMR using one of three pathways, specifically the UK BMR is granted ‘equivalence’, RBSL is granted ‘recognition’ as administrator, or RBSL’s benchmarks are granted ‘endorsement’.

The transition period will enable RBSL to execute its Brexit strategy and ensure regulatory permission is gained under EU BMR before the end of the period.

This does not affect RBSL’s authorisation with the UK FCA as a UK benchmark administrator, and RBSL will continue to appear on the UK FCA Register. Following the FCA's public statement on 1 December 2020, at the end for the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be listed on the FCA’s new UK Benchmarks Register.