ESMA updates its Q&As regarding the Benchmark Regulation
27 September 2018
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements.
The updated BMR Q&As provide new clarifications regarding the following topics:
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When the written plan to be produced by users of benchmarks should be considered robust and how such plans should be reflected in the contractual relationship with clients;
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The reference to systematic internaliser in the definition of financial instruments;
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When banks issuing certificates classify as users of benchmarks;
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Why NAV of investment funds should be considered input data and not benchmarks;
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The application for endorsment of family of benchmarks;
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The language of benchmark statements.
Full Q&As
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