On 11 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on the Benchmarks Regulation (BMR).

The new Q&As provide clarification on the following issues:

• Is the scope of the definition of commodity benchmarks for the purposes of the BMR identical to the scope of the definition of commodity derivatives for the purposes of MiFID II and MiFIR? (see section 5.14 of the Q&As)
• Is the euro short-term rate (€STR) based on contributions of input data as defined in Article 3(1)(8) BMR? (see section 4.2 of the Q&As)