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Latest in European Benchmark Regulation

The European Securities and Markets Authority (ESMA) has finalised its technical advice to the European Commission on important aspects of future rules for benchmarks.

ESMA published a Methodological Framework - Model written Arrangements for Benchmark Colleges in accordance with Article 46 of EU Benchmarks Regulation (EU) No. 2016/1011. ESMA's written arrangements are to be used by Administrators of Critical Benchmarks according to Article 46(6) of the Regulation. 

The European Securities and Markets Authority (ESMA) has today published a consultation paper regarding its draft regulatory and implementing technical standards (RTS/ITS) which will implement the Benchmarks Regulation (BR). ESMA is asking stakeholders to comment on its proposed RTS/ITS applicable to benchmark contributors, administrators and national competent authorities. 

The European Commission adopted an Implementing Regulation to establish a list of Critical Benchmarks used in Financial Markets. This is in line with the Article 20(1) of European Benchmark Regulation (EU 2016/1011). EURIBOR is the first of the benchmarks to be deemed as Critical. The commission will review and update this list regularly according to a statement.

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Official Release: The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation Paper on technical advice on Benchmarks Regulation.

Official Release: Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 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 (EU) No 596/2014 has been published in the Official Journal of the European Union and enters into force on 30 June 2016.

Official Release:  ESMA published a Discussion Paper (DP) on the Benchmarks Regulation5 on 15 February 2016. The DP included ESMA’s policy orientations and initial proposals both for the technical advice to the Commission and the draft technical standards under the Benchmarks Regulation.

This Consultation Paper (CP) is the follow-up of the DP with respect to ESMA’s technical advice to the Commission, and it is based on the Benchmarks Regulation text published by the European Parliament after the vote6. A separate CP on the draft technical standards only will be published by ESMA in due time.

Official Release: On 28 April 2016 the European Parliament approved by a large majority in the plenary session the adoption of the proposed Regulation on financial benchmarks, following a political agreement by the Parliament and the Council in November 2015.

The Regulation will enter into force following formal adoption by the Council, which is expected in May 2016, and publication in the official journal.

Official Release: This Discussion Paper (DP) is based on the version of the Benchmarks Regulation following such agreement and seeks the views of interested parties on ESMA’s policy orientations and initial proposals for the potential Level 2 measures under the Benchmarks Regulation. These measures should take the form of delegated acts of the Commission and ESMA draft technical standards. However, it should be noted that the Benchmarks Regulation has not yet been published in the Official Journal of the European Union (OJ).

Official Release:  The European Commission welcomes last night's agreement between the European Parliament and the Council of the EU on a Regulation of financial benchmarks.

The new rules were first proposed by the Commission in September 2013 in the wake of the alleged manipulation of various benchmarks which were to the clear detriment of consumers and companies throughout the EU. Following last night's preliminary political agreement, the EU is setting a leading standard globally. 

Official Release:  The European Commission welcomes last night's agreement between the European Parliament and the Council of the EU on a Regulation of financial benchmarks.

The new rules were first proposed by the Commission in September 2013 in the wake of the alleged manipulation of various benchmarks which were to the clear detriment of consumers and companies throughout the EU. Following last night's preliminary political agreement, the EU is setting a leading standard globally. 

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