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ESMA updates its Q&As regarding the Benchmark Regulation

27 September 2018

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.