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    EC Issues Information Provision Standards Under Benchmarks Regulation

    August 09, 2018

    EC published the Implementing Regulation 2018/1105 laying down implementing technical standards on procedures and forms for the provision of information by competent authorities to ESMA under the Benchmarks Regulation (Regulation 2016/1011). Regulation 2016/1011 is on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation No 596/2014. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and it shall apply from October 29, 2018.

    The information that competent authorities are required to provide pursuant to Article 47(2) of Regulation 2016/1011 includes the information needed to enable ESMA to establish and maintain the public register referred to in Article 36(1) of that Regulation. Competent authorities and ESMA should be required to agree the technical specifications governing submission of that information to ESMA's website to ensure that the information is transmitted accurately and securely. The information that competent authorities are required to provide to ESMA under Regulation 2016/1011 may contain personal data and other sensitive information that is not in the public domain. 

    Regulation 2018/1105 specifies that the requested authority shall provide to ESMA the information requested, using the form set out in Annex III to this regulation. If the requested authority cannot provide the information by the estimated response date set out in its acknowledgement of receipt of the request for information, it shall notify ESMA without delay and provide a new estimated response date, along with reasons why an extension is needed. The requested authority shall consult ESMA, where necessary, on any clarifications about the type of information requested and on the frequency of any updates that are required. The regulation also specifies that each competent authority shall designate a contact person for the purpose of this regulation and communicate the name and contact details of that contact person to ESMA, within 30 days of the date of entry into force of this regulation. Any subsequent changes in the designation or contact details of a contact person shall be communicated to ESMA without delay. This regulation is based on the draft implementing technical standards submitted by ESMA to EC.

     

    Related Link: Regulation 2018/1105

    Effective Date: August 29, 2018

    Keywords: Europe, EU, Securities, Benchmarks Regulation, Regulation 2018/1105, ESMA, EC

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