On 16 February 2022, the European Commission adopted the following Delegated Regulations supplementing the Benchmarks Regulation (BMR):
- Commission Delegated Regulation (EU) of 16.2.2022 supplementing the BMR by specifying rules of procedure for measures applicable to the supervision by the European Securities Markets Authority (ESMA) of certain benchmark administrators. Article 48i(10) of the BMR empowers the Commission to adopt a delegated act to further specify the rules of procedure for the exercise of the power to impose fines or periodic penalty payments, including provisions on the rights of the defence, the collection of fines or periodic penalty payments, and the limitation periods for the imposition and enforcement of fines and periodic penalty payments.
- Commission Delegated Regulation (EU) of 16.2.2022 supplementing the BMR by specifying fees applicable to the supervision by the ESMA of certain benchmark administrators. Article 48l(1) of the BMR requires the ESMA to charge fees to administrators of critical benchmarks and of third country benchmarks. The power to adopt a delegated act on fees is provided in Article 48l(3) of the BMR. According to that provision, the Commission is empowered to adopt a delegated act to specify the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid.
The Council of the EU and the European Parliament will now scrutinise the Delegated Regulations.
The Delegated Regulations will enter into force and apply on the third day after their publication in the Official Journal of the European Union.