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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|05/03/2013||2013/SMSG/03||SMSG Advice on Benchmarks/Indices||Securities and Markets Stakeholder Group, Benchmarks||Letter||PDF
|06/06/2013||2013/684||ESMA and the EBA publish final principles on benchmarks||Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Benchmarks||Press Release||PDF
|25/09/2015||2015/1463||ESMA Consultation Paper on ESEF||Corporate Disclosure, European Single Electronic Format, Transparency||Consultation Paper||PDF
|25/09/2015||2015/1463 reply form ESEF CBA||Form to reply ESEF CBA||Corporate Disclosure, European Single Electronic Format, Transparency||Reference||DOCX
|17/12/2015||2015/1885||ESMA Briefing Note on ESEF CP||European Single Electronic Format, Transparency||Reference||PDF
|09/02/2016||2016/235||Comment letter on Taxonomy due process||Corporate Disclosure, European Single Electronic Format, Transparency||Letter||PDF
|15/02/2016||2016/288||Discussion Paper Benchmarks Regulation||Market Integrity, Benchmarks||Consultation Paper||PDF
|15/02/2016||2016/291||ESMA consults on implementation of the Benchmarks Regulation||Market Integrity, Press Releases, Benchmarks||Press Release||PDF
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:
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:
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.
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.
|18/02/2016||2015/SMSG/036||SMSG Advice on ESEF||European Single Electronic Format, Securities and Markets Stakeholder Group||SMSG Advice||PDF
|27/05/2016||2016/723||Consultation Paper on ESMA technical advice on Benchmarks Regulation||Market Integrity, Benchmarks||Consultation Paper||PDF
|03/06/2016||2016/723 RF||Reply form for the Consultation Paper on ESMA technical advice on Benchmarks Regulation||Market Integrity, Benchmarks||Reference||DOCX
|29/09/2016||2016/1406 reply form||Reply form to the Consultation paper on Benchmarks||Benchmarks||Reference||DOCX
|29/09/2016||2016/1406||Draft technical standards under the Benchmarks Regulation||Benchmarks||Consultation Paper||PDF
|29/09/2016||2016/1407||ESMA consults on future rules for financial benchmarks||Benchmarks, Press Releases||Press Release||PDF
|30/09/2016||2016/1414||Methodological Framework- Model Written Arrangements for Benchmark Colleges||Benchmarks||Reference||PDF
Article 46 of the Regulation (EU) No 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Regulation) provides that the competent authority of an administrator of a critical benchmark that is referred to in points (a) and (c) of Article 20(1) of the Regulation shall establish a college.
ESMA will be a member of every college and according to Article 46(7) of the Regulation may give advice concerning the written arrangements. To promote the convergent operation of benchmark colleges, ESMA has developed model written arrangements that may be used by administrators of critical benchmarks according to Article 46(6) of the Regulation.
|10/11/2016||2016-1560||Final Report on Technical Advice under the Benchmarks Regulation||Benchmarks||Final Report||PDF
|10/11/2016||2016-1567||ESMA finalises advice on future rules for financial benchmarks||Benchmarks||Press Release||PDF
|21/12/2016||2016/1668||2016-1668 ESMA feedback statement on ESEF||Corporate Disclosure, European Single Electronic Format, Transparency||Report||PDF
|21/12/2016||2016/1682||2016-1682 Press Release on Feedback Statement on ESEF||Corporate Disclosure, European Single Electronic Format, Press Releases, Transparency||Press Release||PDF
|05/01/2017||2016/1621||2016-1621 ESMA letter to EC on postponement of ESEF RTS||Corporate Disclosure, European Single Electronic Format, Transparency||Letter||PDF