Recent regulatory developments of interest to financial institutions and markets.
Contents
- BMR: European Commission consults on equivalence for Japanese benchmarks
- Terms of reference for ESMA Financial Innovation Standing Committee
Following a seasonal break, the next update will be published on 27 April 2020.
BMR: European Commission consults on equivalence for Japanese benchmarks
The European Commission is consulting on a draft Implementing Decision on the equivalence of the legal and supervisory framework applicable to benchmarks in Japan under the Benchmarks Regulation (BMR).
Benchmarks such as the Japanese Yen TIBOR and Euroyen TIBOR are administered in Japan and used in the EU by a number of supervised entities. As a result, the Commission undertook an assessment of the benchmark regime in Japan. It has determined that the legal and supervisory framework applicable to the benchmarks in Japan are equivalent to the requirements of the BMR.
The Implementing Decision will be complemented by cooperation arrangements to ensure the effective exchange of information and coordination of supervisory activities between the European Securities and Markets Authority (ESMA) and the Japanese Financial Services Agency.
The consultation ends on 4 May 2020.
Terms of reference for ESMA Financial Innovation Standing Committee
ESMA has published the terms of reference for its Financial Innovation Standing Committee (FISC). The FISC has been established as part of ESMA's strategic orientation for 2020-2022.
In all of its activities, the FISC will consider matters including how to promote sustainable finance and long-term oriented capital markets, and develop digital finance as an opportunity for market participants and regulators.
The FISC intends to contribute to ESMA's mission by, among other things, addressing issues related to assessing risks to investors, markets and financial stability, promoting supervisory convergence and completing a single rulebook for EU financial markets.
The terms of reference will be reviewed every two years by the ESMA Board of Supervisors.
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