On 24 September 2021, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation.

The guidelines aim at providing guidance to financial market participants and Member State competent authorities on the application of the requirements relating to the use of a methodology for calculating a benchmark and the related record keeping requirements as well as the requirements on the oversight function.

The guidelines will be translated in all official EU languages and published on ESMA’s website. The publication of the translations in all official EU languages will trigger a two month period during which Member State competent authorities will have to notify ESMA whether they comply or intend to comply with the guidelines.