On 8 July 2024, the European Securities and Markets Authority (ESMA) issued a consultation on guidelines on the submission of periodic information to ESMA by benchmark administrators, credit rating agencies (CRAs) and market transparency infrastructures. In the draft guidelines ESMA brings together periodic reporting requirements for CRAs and trade repositories as well as for benchmark administrators, data reporting services providers (DRSPs) and securitisation repositories. For CRAs and trade repositories, this would be the third and second iteration respectively of this type of guidelines and the requirements have taken into account industry feedback and the need to streamline internal supervisory processes.

The deadline for comments on the consultation paper is 18 October 2024. ESMA will consider the feedback it receives to the consultation with a view to finalising the proposed guidelines and publishing a final report in Q1 2025.

On the same date ESMA issued a consultation on supervisory expectations for the management body. The draft supervisory expectations are relevant to all firms directly supervised by ESMA. Currently, these are benchmark administrators of EU critical benchmarks and third-country recognised benchmarks, third country central counterparties that qualify as systemically important, CRAs, DRSPs, securitisation repositories and trade repositories. The document sets out ESMA’s expectations and describes what it considers to be good practice in relation to governance arrangements within the firms ESMA supervises.

The deadline for comments on the consultation paper is 18 October 2024. ESMA will consider all feedback received and look to publish the finalised supervisory expectations in Q1 2025. ESMA will consider these supervisory expectations for the purpose of its supervision three months after the publication of the final report.