Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 486

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 486
---
 respectively. This prohibition will apply in respect of third country benchmark administrators from the end of 2025 (EU) and 2030 (UK). The European Commission has published a proposal to amend the EU Benchmark Regulation to reduce the scope of benchmark administrators subject to its requirements. This proposal needs to go through the European legislative process, with potential new rules applying from the beginning of 2026. The phase out of LIBOR has now been completed, with the remaining synthetic LIBOR settings for holders of legacy contracts published for the last time on 30 September 2024. Other global benchmarks are now being phased out through 2025. Global regulators in conjunction with the industry have developed alternative benchmarks and

| Strategy                               | Shareholderinformation | Climate andsustainability report | Governance |     | Riskreview | Financialreview | Financialstatements |     | Barclays PLC 2024Annual Reporton Form 20-F | 314 |
| Supervision and regulation (continued) |                        |                                  |            |     |            |                 |                     |     |                                            |     |

risk-free rate fallback arrangements, including updates to existing, as well as new, applicable legislation. Regulation of the derivatives market The European Market Infrastructure Regulation (EMIR) imposes requirements in the EU and the UK which are designed to improve transparency and reduce the risks associated with the derivatives market. EMIR has operational and financial impacts on the Group, including by imposing collateral requirements on the Group, as well as a requirement to centrally clear certain OTC derivatives contracts with certain market participants. Following the UK’s departure from the EU, EMIR rules were onshored into English law and now form part of UK assimilated law (UK EMIR). Access to the clearing services of certain Central Counterparties (CCPs) used by Group entities is currently permitted under temporary equivalence and recognition regimes in the UK and the EU. In the UK, the temporary recognition regime for non- UK CCPs has now been extended until the end of December 2026. Targeted amendments to the UK EMIR reporting framework were implemented in September 2024, which aimed to align the regime with international guidance (where appropriate). In the EU, access to the clearing services of certain non-EU CCPs used by Group entities is permitted through recognised third country CCPs. For UK CCPs, this recognition is currently envisaged to end on 30 June 2025. In April 2024, amendments to the EU EMIR reporting requirements (relating to the details and formats of reports, for