ESMA updates Q&A on Benchmark Regulation
The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on the European Benchmark Regulation (BMR).
The new Q&A provide clarification on provisions of the BMR regarding the scope of application of the Commission Delegated Regulations adopted under the BMR depending on the type of benchmark and in particular:
· Regulated-data benchmarks;
· Interest-rate benchmarks; and
· Commodity benchmarks.
The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of the BMR. The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It also provides guidance to market participants by providing clarity on the BMR requirements.