ESMA on Coordinated Action for Requirements of Benchmarks Regulation
ESMA issued a public statement to promote, amid the COVID-19 crisis, a coordinated action by national competent authorities regarding the timeliness of fulfilling external audit requirements for interest rate benchmark administrators and interest rate benchmark contributors. These requirements are set out in the Benchmarks Regulation. ESMA expects the national competent authorities not to prioritize supervisory actions against administrators and supervised contributors with regard to the timeliness of fulfilling the audit requirements where the audits are carried out by September 30, 2020.
Furthermore, ESMA encourages national competent authorities to generally apply a risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of the Benchmarks Regulation in a proportionate manner (concerning the timeliness of fulfilling those audit requirements). Also, where administrators and supervised contributors reasonably anticipate that the fulfillment of the audit requirements will be delayed, they are expected to inform their national competent authorities. This statement is being issued in accordance with Article 31(2) of the ESMA Regulation.
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Keywords: Europe, EU, Banking, Securities, COVID-19, Benchmarks Regulation, National Competent Authorities, Interest Rate Benchmarks, Benchmark Administrator, ESMA
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