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.
Related Links
Keywords: Europe, EU, Banking, Securities, COVID-19, Benchmarks Regulation, National Competent Authorities, Interest Rate Benchmarks, Benchmark Administrator, ESMA
Previous Article
HKMA Publishes Report on Review of Self-Assessments of Bank CultureRelated Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.