The European Securities and Markets Authority published for consultation the draft technical standards it is required to prepare under the Benchmark Regulation. The Benchmark Regulation sets out the authorization and registration requirements for benchmark administrators, including third country entities and requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be critical and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of a critical benchmark.
ESMA is consulting on drafts of the following technical standards:
The consultation closes on December 2, 2016. ESMA will consider the responses to the consultation in preparing the final technical standards for submission to the European Commission by April 1, 2017. For the most part, the Benchmark Regulation will apply from January 1, 2018. Certain provisions, giving powers to ESMA to prepare draft technical standards and to the Commission to adopt delegated legislation, applied from June 30, 2016. The technical standards will apply from January 1, 2018.
View the consultation paper.