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ESMA updates Q&As on the Benchmarks Regulation

05 February 2018

The European Securities and Markets Authority (ESMA) has published updated Questions and Answers (Q&As) regarding the implementation of the Benchmarks Regulation (BMR).

The Q&As include two new answers regarding the following topics:

  • Commodity benchmarks: how the threshold in the exemption under Article 2(2)(g) of BMR should be calculated; and
  • Definition of a benchmark and investment funds: clarification of the cases in which a benchmark is used to measure the performance of an investment fund.

The purpose of this document is to be a practical convergence tool used to promote common supervisory approaches and practices in the application of the BMR. It should also help investors and other market participants by providing clarity on the requirements. ESMA will periodically review these Q&As and update them where required.