On 22 July 2020, HM Treasury published a policy statement setting out the UK government’s rationale and proposed approach for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation (UK BMR) from 31 December 2022 to 31 December 2025.

HM Treasury has decided to depart from the timing of the end of the third country transitional period under the EU BMR by extending the third country transitional period under the UK BMR by three years, to 31 December 2025.