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Benchmark regulation became a hot topic following the LIBOR scandal, after which the EU Benchmarks Regulation was brought in to regulate the provision and use of, as well as contribution of input data to, certain benchmarks. This regime has been maintained in the UK post-Brexit, with some adjustments. In particular, the FCA has been granted new powers to assist with the wind-down of critical benchmarks, such as LIBOR.

The transition away from term rates to alternative risk-free reference rates is an important area of focus, as market participants must try to navigate a smooth and effective changeover.