The draft Regulation on indices used as benchmarks in financial instruments and financial contracts (the Benchmark Regulation) was first proposed by the European Commission (the Commission) in September 2013. The purpose of the Benchmark Regulation is to improve the functioning and governance of benchmarks produced and used in the EU and to ensure they are not subject to manipulation. The Benchmark Regulation upholds the principles agreed by the International Organization of Securities Commissions in 2012 and 2013. The Council of the EU (the Council) agreed on a negotiating mandate as regards the Benchmark Regulation in February.
The European Parliament (EP) has now published a press release stating that MEPs have voted in favour of the Benchmark Regulation. The vote consolidated the EP’s position for three-way talks with the Council and the Commission, with the goal of having the legislation ready by the end of the year.
The Commission has also issued a statement concerning the EP vote on the Benchmark Regulation. The statement notes that the three-way talks will start in June and that the Commission hopes to reach a final agreement as soon as possible.
View MEPs voted for robust and transparent benchmark setting, 19 May 2015