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ESMA’s call for comments on benchmark regulation

On 15 February 2016, ESMA published a Discussion Paper on the Benchmarks Regulation.

The paper was published ahead of the entry into force of the regulation, in order to give stakeholders more time to share their views on the outstanding points to be addressed in delegated acts and technical standards.

The regulation is expected to be presented for a vote in the European Parliament in April 2016, before coming into force in June 2016. The Discussion Paper is based on the final draft regulation, discussed here.

ESMA invites comments on the thirteen topics below:

  • Definitions (Article 3)
  • Oversight function requirements (Article 5a)
  • Input data (Article 7)
  • Transparency of methodology (Article 7b)
  • Code of conduct (Article 9)
  • Governance and control requirements for supervised contributors (Article 11)
  • Critical benchmarks (Article 13)
  • Significant benchmarks (Article 14c)
  • Compliance Statement for Significant and Non-significant Benchmarks (Article 14c and 14d)
  • Benchmark Statement (Article 15)
  • Authorisation and registration of an administrator (Article 23)
  • Recognition and endorsement of third country administrators and benchmarks (Article 21a and 21b)
  • Transitional provisions (Article 39)

Against the backdrop of the current trend to consolidate benchmark administration through major dedicated entities, the paper provides a detailed warning of the duties awaiting all administrators.

Responses must be received by 31 March.

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