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
Previous ArticleFCA Evaluates Effects of Additional Benchmarks in Regulatory Regime
Next ArticleFCA Consults on Its Approach Ahead of the Brexit
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.