ESMA_QA_729
Topic
Benchmarks Regulation
29/03/2023
Subject Matter
Definition of a benchmark in relation to investment funds (ESMA70-145-114 Q&A_5.4)
Question
What types of investment funds are considered to be using an index for the purpose of “tracking the return of [an] index”?
Level 1 Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA_QA_728
Topic
Benchmarks Regulation
29/03/2023
Subject Matter
Calculation agents (ESMA70-145-114 Q&A_5.3)
Question
Is a calculation agent to be considered a user of benchmarks if it is appointed by an issuer of securities?
Level 1 Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA_QA_727
Topic
Benchmarks Regulation
29/03/2023
Subject Matter
Use of a benchmark (ESMA70-145-114 Q&A_5.2)
Question
In Article 3(1)(7), “use of a benchmark”, is defined, in paragraph (b), as meaning “determination of the amount payable under a financial instrument . . . by referencing an index or a combination of indices”. In which circumstances would one or more supervised entities be viewed as using a benchmark under paragraph (b) in relation to a derivative, i.e. a financial instrument in Section C of Annex I to Directive 2014/65/EU, paragraphs (4) – (10)?

Level 1 Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA_QA_726
Topic
Benchmarks Regulation
29/03/2023
Subject Matter
Family of benchmarks (ESMA70-145-114 Q&A_5.1)
Question
How can benchmarks be grouped into a family? Can critical, significant and non-significant benchmarks be part of the same family of benchmarks?

Level 1 Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA_QA_725
Topic
Benchmarks Regulation
29/03/2023
Subject Matter
Scope of application of the Commission Delegated Regulations adopted under the BMR (ESMA70-145-114 Q&A_4.6)
Question
Is the scope of application of the Commission Delegated Regulations adopted pursuant to the BMR identical to the scope of the related requirements in the BMR?

Level 1 Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011