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ESMA consults on Guidelines for non-significant benchmarks

29 September 2017

The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines detailing the obligations which apply to non-significant benchmarks under the Benchmarks Regulation (BMR).

 

The Consultation Paper proposes lighter requirements for non-significant benchmarks, their administrators and their supervised contributors in relation to four areas:

  1. procedures, characteristics and positioning of oversight function;

  2. appropriateness and verifiability of input data;

  3. transparency of methodology; and

  4. governance and control requirements for supervised contributors.

The first three areas are applicable to administrators of non-significant benchmarks while the fourth one is directly applicable to supervised contributors to non-significant benchmarks.

ESMA welcomes stakeholders’ feedback, which it will consider in producing the final Guidelines. The closing date for comments is 30 November 2017.