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    ESMA Consults on Regulatory Standards Under Benchmarks Regulation

    March 09, 2020

    ESMA launched a consultation on regulatory technical standards under the Benchmarks Regulation. The proposed standards cover governance arrangements, methodology, reporting of infringements, mandatory administration of a critical benchmark, and non-significant benchmarks. ESMA will consider the feedback to this consultation in the second quarter of 2020. ESMA expects to publish a final report and submit the draft technical standards to EC for endorsement by October 01, 2020. The closing date for responses from stakeholders is May 09, 2020.

    The outcome of the ESAs Review, Article 5 of Regulation (EU) 2019/2175, had introduced changes to the Benchmarks Regulation or BMR, including a new mandate for ESMA to develop draft regulatory technical standards to further specify certain requirements of the Benchmarks Regulation:

    • Requirements to ensure that the governance arrangements of an administrator are sufficiently robust
    • Conditions that ensure that the methodology an administrator uses to determine a benchmark complies with the relevant requirements in Article 12(1) of the Benchmarks Regulation
    • Characteristics of the systems and controls established by an administrator to ensure the integrity of input data, to be able to identify and report to the competent authority any conduct that may involve manipulation or attempted manipulation of a benchmark
    • Criteria that the competent authority applies when assessing how the benchmark is transitioned to a new administrator or ceases to be provided
    • Criteria under which competent authorities may require changes to the compliance statement


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    Comment Due Date: May 09, 2020

    Keywords: Europe, EU, Banking, Securities, Benchmarks Regulation, IBOR Reform, Critical Benchmarks, Regulatory Technical Standards, Governance, ESMA

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