European Commission Publishes Draft Delegated Regulations on ESG Disclosures in Benchmarks

The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.

Key Points:

..The measures follow amendments to the EU Benchmarks Regulation introduced by theLow Carbon Benchmarks Regulation.

..All benchmark administrators are required to explain clearly how ESG criteria are reflected foreach benchmark or family of benchmarks from 30 April 2020. However, as the consultation periodfor the draft delegated regulations does not close until 6 May 2020, ESMA has issued a no actionstatement directing NCAs not to take any supervisory or enforcement action against firms notcompliant with these new requirements by the original implementation deadline.

..Benchmark administrators that do not produce ESG benchmarks are required to disclose that fact.

..Minimum standards have been introduced in order for benchmarks to qualify as EU ClimateTransition and EU Paris-aligned benchmarks.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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