Tag: Benchmarks

FCA updates webpage on the new benchmarks register

On 28 September 2022, the FCA updated their webpage on the new Benchmarks Register. The webpage now includes the following text: “Following Brexit, we have developed the new Benchmarks Register, which replaces the ESMA Register for UK supervised users, and UK and third country-based benchmark administrators that want their benchmarks to be used in the … Continue Reading

FCA Dear CEO letter – Our supervision strategy for benchmark administrators

On 8 September 2022, the FCA published a Dear CEO letter concerning its supervision strategy for benchmark administrators. The Dear CEO letter outlines the FCA’s supervisory priorities for benchmark administrators being: Disclosure. The FCA has concerns that some benchmark administrators have not accurately described the economic reality that their benchmarks measure. It has also observed … Continue Reading

ESMA proposes improvements to the EU regime of third country benchmarks

Introduction On 19 August 2022, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s consultation on the regime applicable to the use of benchmarks administered in a third country. Earlier consultation The consultation covered the topic of the continued use by supervised entities of third country benchmarks and the potential … Continue Reading

ESMA consults on rules for recognition under the Benchmarks Regulation

On 8 July 2022, the European Securities and Markets Authority (ESMA) issued a Consultation Paper on the review of the regulatory technical standards (RTS) on the form and content of an application for recognition under the Benchmarks Regulation (BMR). Article 32(9) of the BMR states that the ESMA may develop RTS to determine the form … Continue Reading

FCA consults market on synthetic LIBOR rates

The FCA opened a consultation on 30 June seeking views on winding down the 1, 3 and 6-month synthetic sterling LIBOR settings and requesting information on market participants’ exposure to US dollar LIBOR. Since 31 December 2021, publication of 24 LIBOR settings ended, leaving only five US dollar LIBOR settings continue to be calculated using … Continue Reading

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

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
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