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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
31/10/2012 2012/718 Final annual accounts of ESMA for 2011 Reference PDF
841.35 KB
21/11/2012 ECA/ESMA 2011 Report on the annual accounts of the European Securities and Markets Authority for the financial year 2011 together with the Authority’s replies Reference PDF
114.64 KB
05/03/2013 2013/SMSG/03 SMSG Advice on Benchmarks/Indices , Letter PDF
253.23 KB
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
03/10/2013 2013/1355 ESMA 2014 Work Programme Reference PDF
852.81 KB
The European Securities and Markets Authority's (ESMA) 2014 Work Programme sets out ESMA’s planned activities and related budget for 2014.
13/12/2013 2013/1928 Final annual accounts of ESMA for 2012 Reference PDF
2.65 MB
04/02/2014 2014/140 ESMA budget for 2014 Reference PDF
104.86 KB
12/02/2014 2014/172 rev 1 2014 Regulatory Work Programme Reference PDF
83.79 KB
13/06/2014 ESMA 2013 ESMA Annual Report for 2013 Annual Report PDF
2.66 MB
20/08/2014 2014/1089 Final annual accounts of ESMA for 2013 Reference PDF
789.56 KB
20/08/2014 2014/1090 Report on Budgetary and Financial Management for 2013 Reference PDF
411.2 KB
18/02/2015 2015/327 ESMA Budget for 2015 Reference PDF
144.21 KB
23/02/2015 2014/1200rev 2015 Work Programme Reference PDF
392.74 KB
The European Securities and Markets Authority (ESMA) has published its revised Work Programme for 2015. The revised programme, based on an approved budget of €33,601,402 and 137 Establishment Plan posts following the adoption of the EU Budget, sets out how ESMA intends to achieve its statutory objectives of investor protection and stable and orderly functioning markets through its operational activities of convergence, risk monitoring and analysis, the single rulebook and supervision.
25/03/2015 2015/277 ESMA 2015 Regulatory Work Programme Reference PDF
99.38 KB
15/06/2015 2015/934 ESMA Annual Report 2014 Annual Report PDF
2.29 MB
02/07/2015 2015/MB/38 Final accounts 2014 of the European Securities and Market Authority Reference PDF
1.09 MB
10/02/2016 2015-1475rev 2016 Work Programme Reference PDF
422.38 KB
10/02/2016 2016-202 2016 Regulatory Work Programme Reference PDF
43.36 KB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation , Consultation Paper PDF
1017.02 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.

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