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Topic: Benchmarks

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Commission Implementing Regulation amending the ITS laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the EU

On 24 May 2022, the European Commission adopted an Implementing Regulation amending the implementing technical standards (ITS) laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the EU for the reporting referred to in Article 78 of Capital Requirements Directive IV (CRD IV). Commission … Continue Reading

Published in OJ – Commission Delegated Regulation 2022/804 supplementing the BMR

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 … Continue Reading

European Commission consults on BMR third-country benchmarks regime

On 23 May 2022, the European Commission (Commission) launched a targeted consultation on the regime applicable to the use of benchmarks administered in a third country . The Commission takes note of the fact that the current regime for third-country benchmarks, as set out under the European Benchmark Regulation (BMR), is set to expire on … Continue Reading

Targeted consultation on the regime applicable to the use of benchmarks administered in a third country

On 20 May 2022, the European Commission issued a targeted consultation seeking views on further potential improvements in the functioning of the Benchmarks Regulation (BMR), specifically as regards the rules applicable to non-EEA benchmarks and the impact on market participants of the full entry into application of the third country regime as of 1 January … Continue Reading

ESMA working group on euro risk-free rates – work programme for 2022/23

On 2 March 2022, the European Securities and Markets Authority’s working group on euro risk-free rates published its work programme for 2022/23. Among other things the working group will focus on: Fostering the use of €STR in a diverse range of financial products. Assessing the level of implementation and potential impediments to the timely adoption … Continue Reading

ESMA results of annual transparency calculations for equity and equity-like instruments

On 1 March 2022, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2022. The calculations made available include the: Liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation 2017/567 (CDR 2017/567). Determination of the … Continue Reading

Delegated Regulations specifying fees, fines and penalties applicable to ESMA’s supervision of certain benchmark administrators

On 16 February 2022, the European Commission adopted the following Delegated Regulations supplementing the Benchmarks Regulation (BMR): Commission Delegated Regulation (EU) of 16.2.2022 supplementing the BMR by specifying rules of procedure for measures applicable to the supervision by the European Securities Markets Authority (ESMA) of certain benchmark administrators. Article 48i(10) of the BMR empowers the … Continue Reading

FSB statement to support preparations for LIBOR cessation

 On 22 November 2021, the Financial Stability Board (FSB) issued a statement to support preparations for LIBOR cessation. Key points in the statement include: Significant progress has been made in transitioning to Risk-Free Rates (RFRs), but market participants still need to finalise preparations to cease new use of LIBOR by end-2021. The FSB recognises the … Continue Reading

Commission Implementing Regulations related to benchmark reform

On 22 October 2021, there was published in the Official Journal of the EU: Commission Implementing Regulation (EU) 2021/1848 of 21 October 2021 on the designation of a replacement for the benchmark Euro overnight index average Commission Implementing Regulation (EU) 2021/1847 of 14 October 2021 on the designation of a statutory replacement for certain settings … Continue Reading

ESMA guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation

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 … Continue Reading

Critical Benchmarks (References and Administrators’ Liability) Bill

On 8 September 2021, the Critical Benchmarks (References and Administrators’ Liability) Bill had its first reading in the House of Lords. The Explanatory notes to the Bill explain both the policy and legal background to the Bill. In summary, the Bill will: Support the orderly wind-down of critical benchmarks, protecting both users of these benchmarks … Continue Reading

Delegated Regulations supplementing the Benchmarks Regulation published in OJ

On 13 August 2021, the following Delegated Regulations supplementing the Benchmarks Regulation (BMR) were published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2021/1348 of 6 May 2021 supplementing the BMR with regard to regulatory technical standards (RTS) specifying the criteria under which competent authorities may require changes to the compliance statement … Continue Reading

Commission consults on Delegated Regulation on supervisory fees, fines and penalties for benchmark administrators

On 30 July 2021, the European Commission published for consultation a draft Delegated Regulation supplementing the Benchmarks Regulation (BMR) by covering the fees that benchmark administrators need to pay the European Securities and Markets Authority (ESMA) for supervision and the procedure that ESMA needs to follow to impose fines or penalties on benchmark administrators under … Continue Reading

ESMA updates Q&A on Benchmarks Regulation

On 29 July 2021, the European Securities and Markets Authority (ESMA) updated its Q&A on the Benchmarks Regulation. ESMA has updated 4.7 of the Q&A which deals with the following question – Can supervised entities in the Union use benchmarks provided by 3rd country public authorities after the end of the transitional period applicable to … Continue Reading

The Benchmarks (Provision of Information and Documents) Regulations 2021

On 9 July 2021, there was published on the legislation.gov.uk website The Benchmarks (Provision of Information and Documents) Regulations 2021. These Regulations make provision for a notice or permission given by the FCA to an administrator of a critical benchmark under new Articles 22A, 22B, 23A and 23D of the onshored Benchmarks Regulation (BMR). These … Continue Reading

FCA CP21/15: Benchmarks Regulation: how we propose to use our powers over use of critical benchmarks

On 20 May 2021, the FCA published Consultation Paper 21/15: Benchmarks Regulation: how we propose to use our powers over use of critical benchmarks (CP21/15). In CP21/15 the FCA is seeking views on how it uses the following two new powers introduced through amendments to the Benchmarks Regulation (BMR) under the Financial Services Act 2021: … Continue Reading

Commission adopts Delegated Regulations under the BMR

On 6 May 2021, the European Commission adopted the following: Commission Delegated Regulation supplementing the Benchmarks Regulation (BMR) with regard to regulatory technical standards (RTS) specifying the conditions to ensure that the methodology for determining a benchmark complies with the quality requirements. The Delegated Regulation is based on a mandatory empowerment in Article 12 of … Continue Reading

Commission Delegated Regulation supplementing BMR with RTS on requirements to ensure that an administrator’s governance arrangements are sufficiently robust

On 6 May 2021, the European Commission adopted a Delegated Regulation supplementing the Benchmarks Regulation (BMR) with regard to regulatory technical standards specifying the requirements to ensure that an administrator’s governance arrangements are sufficiently robust.   The legal basis of the Delegated Regulation is Article 4(9) of the BMR as amended by Regulation (EU) 2019/2175. … Continue Reading

Delegated Regulation supplementing the BMR with regard to RTS specifying the characteristics of systems and controls for the identification and reporting of conduct that may involve manipulation or attempted manipulation of a benchmark

On 6 May 2021, the European Commission adopted a Delegated Regulation supplementing the Benchmarks Regulation (BMR) with regard to regulatory technical standards specifying the characteristics of the systems and controls for the identification and reporting of any conduct that may involve manipulation or attempted manipulation of a benchmark. The legislative basis of the Delegated Regulation … Continue Reading

ESMA publishes technical advice on fines and penalties for benchmark administrators

On 26 March 2021, the European Securities and Markets Authority (ESMA) published a final report containing technical advice to the European Commission on procedural rules for imposing fines and penalties on benchmark administrators under its direct supervision. The technical advice follows a consultation paper that ESMA issued on 23 December 2020. The final report includes … Continue Reading

ESMA updates Brexit statement on provisions of the Benchmark Regulation

On 24 March 2021, the European Securities and Markets Authority (ESMA), published an updated statement on the application of the key provisions of the Benchmark Regulation (BMR). The update specifies the EU’s regulatory approach towards UK-based third country benchmarks as well as UK endorsed and recognised benchmarks. The statement notes that the BMR transitional period, … Continue Reading

FCA Feedback Statement and Statement of Policy: the exercise of the FCA’s powers under Article 23D BMR

On 5 March 2021, the FCA issued a Feedback Statement regarding the exercise of its powers under Article 23D of the onshored Benchmarks Regulation (BMR). Article 23D of the BMR grants the FCA the ability, in certain circumstances, to impose certain requirements on the administrator of a critical benchmark designated under Article 23A. Article 23F(1)(d) … Continue Reading
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