On 24 May 2022, Commission Delegated Regulation 2022/804 supplementing the Benchmarks Regulation (BMR), was published in the Official Journal of the European Union (OJ). The Delegated Regulation supplements the BMR by specifying the rules of procedure for measures applicable to the supervision by the European Securities and Markets Authority (ESMA) of certain benchmark administrators.

Article 48f and 48g of the BMR empowers the ESMA to impose fines and periodic penalty payments under certain conditions on the benchmark administrators under its supervision. Article 48i(10) of the BMR requires the Commission to specify the rules of procedure for the exercise of the power to impose these fines or periodic penalty payments including the rights of the defence, the collection of fines or periodic penalty payments and the limitation periods for the imposition and enforcement of penalties. Commission Delegated Regulation 2022/804 specifies these rules of procedure.

Commission Delegated Regulation 2022/804 enters into force and applies on the third day following that of its publication in the OJ.