The European Securities and Markets Authority (ESMA) has issued a consultation on draft guidelines detailing the obligations which apply to non-significant benchmarks under the Benchmarks Regulation (BMR).

The purpose of the draft guidelines is to ensure common, uniform and consistent application, in relation of non-significant benchmarks, of the oversight function requirements in Article 5 of the BMR, the input data provision in Article 11 of the BMR, the transparency of the methodology provision in Article 13 of the BMR and the governance and control requirements for supervised contributors in Article 16 of the BMR.

The draft guidelines apply to Member State competent authorities designated under Article 40 of the BMR, administrators as defined in Article 3(1)(6) of the BMR and supervised contributors as defined in Article 3(1)(10) of the BMR.

The deadline for comments on the consultation is 30 November 2017.

ESMA will consider the feedback to the consultation and expects to publish a final report after the European Commission publishes the Commission Delegated Regulations that relate to the same topics.

View ESMA consults on guidelines for non-significant benchmarks, 29 September 2017