ESMA updates its Q&As regarding the Benchmark Regulation

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.