ESMA updates its Q&As regarding the Benchmark Regulation
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR).
The updated BMR Q&As provide new clarifications regarding the following topics:
- When the written plan to be produced by users of benchmarks should be considered robust and how such plans should be reflected in the contractual relationship with clients;
- The reference to systematic internaliser in the definition of financial instruments;
- When banks issuing certificates classify as users of benchmarks;
- Why NAV of investment funds should be considered input data and not benchmarks;
- The application for endorsment of family of benchmarks;
- The language of benchmark statements.
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements.ESMA will periodically review these Q&As and update them where required.