Benchmarks

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.

The European Securities and Markets Authority (ESMA) has published its final report on guidelines on non-significant benchmarks under the Benchmarks Regulation (BMR).

The final report proposes lighter requirements for non-significant benchmarks, their administrators and their supervised contributors in relation to four areas:

  • procedures, characteristics and positioning of oversight function;
  • appropriateness and verifiability of input data;
  • transparency of methodology; and
  • governance and control requirements for supervised contributors.

The first three areas are applicable to administrators of non-significant benchmarks while the fourth one is directly applicable to supervised contributors to non-significant benchmarks.

Background

The BMR introduces a regime for benchmark administrators within the European Union that ensures the accuracy and integrity of benchmarks.

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 topic: 

  • Methodology and input data: parameters to be considered as input data

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.

Today, the European Securities and Markets Authority (ESMA) has moved its register for benchmark administrators and third country benchmarks to the ESMA registers database.

Background

In accordance with Article 36 of the Benchmarks Regulation, ESMA started publishing the list of benchmark administrators and third country benchmarks on 3 January 2018 (ESMA’s first working day of 2018). So far, ESMA has published the latest register information on its website daily (ESMA working days) and has made it available for download in csv format.

As of 7 September 2018, the public register interface has become available under https://registers.esma.europa.eu/publication/As for all ESMA registers, the portal offers machine-to-machine services to large scale organisations, including a set of web services for retrieval of data maintained in ESMA Registers repositories. For more information, please refer to https://registers.esma.europa.eu/publication/helpApp

The Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, has delivered a keynote speech on benchmarks – Towards benchmark stability and integrity – at the 50th ICMA AGM and Conference 2018 in Madrid today.

The speech focused on the development and future of benchmarks regulation in the European Union. 

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the Benchmarks Regulation (BMR).

The overall BMR Q&A provides a new answer regarding the following topic: 

·       How prospectuses should include reference to the register of administrators and benchmarks.

The purpose of this Q&A 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&A and update them where required.

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

The Q&As include one new answer regarding the following topic:

  • Requirements applicable to supervised contributors during the transitional period.

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.
 

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