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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/12/2017 ESMA65-8-5306 Benchmarks attributes Reference PDF
229.87 KB
28/03/2019 ESMA90-1-83 Brexit Update March 2019 , , , , , Statement PDF
121.13 KB
11/12/2019 ESMA70-154-1504 Briefing BMR Recognition application Reference PDF
91.65 KB
08/10/2019 ESMA70-156-1434 Compliance table for Guidelines on non-significant benchmarks (ESMA70-145-1209) , Compliance table PDF
137.2 KB
29/10/2019 ESMA71-319-150 Conference on the adaptation of interest rate benchmarks to the new European regulation on benchmarks- Steven Maijoor ESMA Chair at CNMV Conference , Speech PDF
109.75 KB
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation , Consultation Paper PDF
905.26 KB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation , Consultation Paper PDF
1017.02 KB
29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks , Consultation Paper PDF
557.29 KB
29/09/2016 2016/1406 Draft technical standards under the Benchmarks Regulation Consultation Paper PDF
1.67 MB
29/03/2017 ESMA70-145-48 Draft technical standards under the Benchmarks Regulation Report PDF
1.75 MB
07/02/2018 ESMA71-99-945 EC ECB ESMA FSMA press release on WG on RFR composition Press Release PDF
391.71 KB
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
23/01/2017 ESMA71-844457584-329 ESMA Chair keynote address at PRIME Finance Conference , , Speech PDF
281.45 KB
29/09/2016 2016/1407 ESMA consults on future rules for financial benchmarks , Press Release PDF
147.04 KB
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.

10/11/2016 2016-1567 ESMA finalises advice on future rules for financial benchmarks Press Release PDF
234.22 KB
06/12/2017 ESMA71-99-669 ESMA MIFID and MAR Data Systems , , , Reference PDF
208.06 KB
30/03/2017 ESMA71-99-374 ESMA publishes final rules to ensure integrity of EU financial benchmarks , Press Release PDF
166.98 KB

The European Securities and Markets Authority (ESMA) has published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the Benchmarks Regulation (BMR). These contain the detailed rules to implement the new European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union.

20/10/2019 ES IC1 ESMA-ASIC MoU on BMR Reference PDF
368.11 KB
07/10/2019 ESMA65-8-6254 ESMA’s Data Operational Plan under a no-deal Brexit scenario on 31 October 2019 , , Statement PDF
154.85 KB