The Italian Presidency of the Council of the EU has published a progress report on the draft Regulation on indices used as benchmarks in financial instruments and financial contracts.
The report notes that following a working party meeting on 12 December 2014, the Presidency considers that a number of issues that have been so far debated on the draft Regulation have been settled by the vast majority of Member States. However, the report notes that further debate is needed on the following issues:
- critical benchmarks – definition and implications; and
- colleges of supervisors – ESMA binding mediation.
The note invites the incoming Latvian Presidency to continue work on the draft Regulation in order to reach an agreement on a general approach at the beginning of 2015.