Brussels, 25/11/2015 (Agence Europe) - On Wednesday 25 November, the Luxembourg Presidency of the Council of the European Union announced that it had reached an agreement with the European Parliament on the proposed regulation to reinforce governance in benchmarking. This agreement is still to be approved by the member states of the European Parliament.
The Presidency explains that on Tuesday evening, it presented the MEPs with a compromise package laying emphasis on the point still outstanding on the categorisation of benchmarks and third-country schemes. The question of the threshold for the definition of significant benchmarks was the subject of an agreement in principle at the most recent trialogue meeting (see EUROPE 11422). It remains set at €50 billion.
A compromise was also struck on the 'third countries' regime, which will allow third-country benchmarks to continue to be used in the EU, particularly by setting in place a recognition and approval scheme. EUROPE will return in greater detail to the content of the agreement.
“This text will help to boost confidence in the financial markets and prevent further manipulation scandals”, said Pierre Gramegna, the Luxembourg finance minister. The European Commissioner for Financial Services, Jonathan Hill, said that these benchmarks were particularly important for the functioning of the financial markets. “Manipulating benchmarks amounts to stealing from investors and consumers”, he explained, welcoming the agreement. (Original version in French by Elodie Lamer)