Benchmarks Regulation: ESMA consults on draft technical standards

The key provisions of the draft technical standards cover both benchmark contributors and administrators, and relate to:

• procedures, characteristics and positioning of the oversight function;
• appropriateness and verifiability of input data;
• transparency of the methodologies applied;
• governance and control requirements for supervised contributors;
• provisions for significant and non-significant benchmarks; and
• provisions for recognition by third country administrators.
• Each chapter includes a summary of the relevant provisions and their objectives, an explanation of related policy issues and the draft text of each technical standard.

Comments are due by 2 December 2016. ESMA intends to submit the final draft RTS and ITS to the EU Commission by 1 April 2017.