The updated BMR Q&As provide new answers regarding the following topics:
- Whether calculation agent should be considered users of benchmarks; and
- Whether a benchmark can be considered as ‘regulated-data benchmark’ if a third party is involved in the process of obtaining the 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.