Bovill briefing | Benchmark Regulation and Libor transition – an Asian perspective | Hong Kong | Event date: Tuesday 14 August 2018
The EU Benchmark Regulation is further reaching than you might think. Our next briefing will help you understand how you might be affected and what you need to do to make sure you’re compliant.
The LIBOR and FX scandals undermined the reputation of global financial markets. Regulators worldwide have focussed on governance and culture to improve standards and restore trust.
In Europe, the EU Benchmark Regulation came into force on in January. This doesn’t simply cover producers or administrators of benchmarks. It has significant implications for those who submit to them or simply use them – a large proportion of the financial services industry, including banks, asset managers and brokers.
Asian benchmarks which are used in the EU are also captured by the regulation, which is unfortunately complex and subject to a significant degree of interpretation.
Organisations affected by the regulation will have to make a number of decisions which include:
- Is the governance around the business robust?
- Are the benchmarks appropriate for the purpose they are used?
- Are conflicts of interest properly managed?
The implications for the Asian financial markets are far reaching. In addition, financial institutions will have to get ready for the transition from Libor to the respective alternative reference rates.
Ultimately firms need to ask themselves whether they’ll continue to use benchmarks in the same way and what they need to do to become compliant.
At our next briefing, Bovill’s benchmarks experts will look at how the regulation affects local firms and what you should be doing about it.
Central Hong Kong venue to be confirmed
|Registration and refreshments||11:45am|
Central, Hong Kong