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EU Benchmarks Regulation (BMR)
The EU Benchmarks Regulation imposed new requirements on firms that administer indexes and reference prices, or contribute inputs to them. The rules were developed in response to the London Interbank Offered Rate (Libor) scandal. The rules were finalised in 2016 and implemented across the EU on January 1, 2018. Their main aim is to ensure benchmarks are reliable and to minimise conflicts of interest in the benchmark-setting process. Failure to comply can result in a fine equivalent to 10% of a firm’s annual revenue.