ESMA updated its Questions and Answers on the European Benchmarks Regulation (BMR) in respect of the use of critical benchmarks by supervised entities where the index provider has not been granted, or has been refused, authorisation. A critical benchmark existing on or before 10 December 2019, including its updates and modifications, can be used by supervised entities - even if the critical benchmark is transferred to a new index provider after 10 December 2019 - until 31 December 2021. In order for this benchmark to continue to be used after 31 December 2021, its index provider has to apply for an authorisation before 31 December 2021. If the authorisation however, is refused before the 31 December 2021, then the relevant critical benchmark can no longer be used.
