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25/02/2021 ESMA70-155-11890 Statement CumEx CumCum scandal- Fabrizio Planta , , , Speech PDF
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15/04/2020 ESMA71-99-1318 ESMA issues positive opinions on short selling bans by 5 jurisdictions , , , Press Release PDF
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16/03/2020 ESMA71-99-1291 ESMA requires net short position holders to report positions of 0.1% and above , , , Press Release PDF
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12/12/2019 ESMA71-99-1263 Press release: ESMA calls for strengthened supervision on suspicious transaction reporting , Press Release PDF
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04/11/2019 esma22-105-1073 Annex_to_the_opening_statement_for_econ_hearing_4_november_2019 Speech PDF
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03/10/2019 ESMA71-99-1226 Press release MAR review consulation Press Release PDF
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27/06/2018 ESMA70-145-924 Speech by ESMA Executive Director Verena Ross on LEI , Speech PDF
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22/02/2018 ESMA70-145-441 ECON scrutiny session Short Selling Regulation Verena Ross Speech PDF
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18/12/2017 ESMA 71-99-670 New rules make EU issuers’ annual financial reports machine-readable Press Release PDF
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06/12/2017 ESMA50-164-1173 Press Release MiFID/MAR Transitional Transparency Calculations , , , , Press Release PDF
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27/10/2017 ESMA71-99-623 Press Release on 2017 Enforcement Priorities , , , Press Release PDF
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21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
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10/11/2016 2016-1564 ESMA prepares for new International Financial Reporting Standard 9 , , , Press Release PDF
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15/02/2016 2016/291 ESMA consults on implementation of the Benchmarks Regulation , , Press Release PDF
118.88 KB

The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.

Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:

  • improve the quality of the input data and methodologies used by benchmark administrators;
  • ensure that benchmark contributors provide adequate data and are subject to proper controls; and
  • ensure the supervision and viability of critical benchmarks.

Steven Maijoor, ESMA Chair, said:

“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.

“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”

The DP is seeking stakeholder’s feedback in the following areas:

  • definition of benchmarks;
  • requirements for the benchmark oversight function;
  • requirements for the benchmark input data;
  • governance and control requirements for supervised benchmark contributors;
  • authorisation and registration of an administrator; and
  • transparency requirements regarding the benchmark methodology.

The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.

Next steps

ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.