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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|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
|05/07/2013||2013/ITMG/14||Terms of Reference IT Management and Governance Group||ITMG||Reference||PDF
|05/03/2013||2013/SMSG/03||SMSG Advice on Benchmarks/Indices||Securities and Markets Stakeholder Group, Benchmarks||Letter||PDF
|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
|29/09/2016||2016/1406||Draft technical standards under the Benchmarks Regulation||Benchmarks||Consultation Paper||PDF
|29/09/2016||2016/1406 reply form||Reply form to the Consultation paper on Benchmarks||Benchmarks||Reference||DOCX
|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.
|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.
|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
|29/09/2017||70-145-105||Draft Guidelines on non-significant benchmarks||Benchmarks, Guidelines and Technical standards||Consultation Paper||PDF
|29/11/2017||ECB/ESMA/FSMA||Risk Free Rate Working Group Application Form||Benchmarks||Reference||DOCX
|20/10/2019||ES IC1||ESMA-ASIC MoU on BMR||Benchmarks||Reference||PDF
|16/05/2019||ESMA34-45-712||Verena Ross- ICMA 2019 conference speech||Benchmarks, Brexit, MiFID II: Transparency Calculations and DVC, Speeches||Speech||PDF
|16/10/2017||ESMA65-8-5046||FIRDS- Instructions on access and download of full and delta reference data files||ITMG, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Reference||PDF