Following the withdrawal of the UK from the EU on 31 January 2020 and the end of the accompanying transitional period on 31 December 2020, the UK enacted a Benchmark Regulation framework which has impacted the use of EU Benchmarks by UK supervised users.
The Treasury has set the transitional period for third country benchmarks until 31 December 2025. As granted by the Treasury, third country administrators (such as the CFBF) that want the use of their benchmarks by UK Supervised Entities to continue after 31 December 2025, must apply for approval via equivalence, recognition or endorsement, before this date.
The Czech Financial Benchmark Facility applied to the UK Financial Conduct Authority (“FCA”) to have the PRIBOR Benchmark, which it administers, included on the FCA Benchmarks Register.
The application process has now been completed resulting in the inclusion of the CFBF in the Register, thus allowing the UK supervised users to continue to use PRIBOR in line with the UK legislation.