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 has enacted a Benchmark Regulation framework which will have an impact on the use of 3rd country benchmarks by UK supervised users.

The UK has implemented further transitional arrangements such that UK supervised users can continue to use 3rd country benchmarks until at least the end of 2022 without either the benchmark or its administrator being registered with the UK Financial Conduct Authority (FCA).

The CFBF is an authorised administrator under the EU Benchmark Regulation as the administrator of PRIBOR and it intends to apply to the UK FCA for the inclusion of the CFBF on the UK register of approved benchmark administrators to allow UK supervised users to continue to use PRIBOR post the 2022 year-end deadline.