Benchmarks Regulation: ESMA publishes discussion paper on implementation

The European Securities and Markets Authority (ESMA) has published a discussion paper (2016/288) on the technical implementation of the incoming Benchmarks Regulation. The paper seeks input to inform ESMA's future proposal on draft regulatory technical standards and technical advice to the EU Commission.

Feedback is requested in the following areas:

• definition of benchmarks;
• requirements for the benchmark oversight function;
• requirements for the benchmark input data;
• governance and control requirements for supervised benchmark contributors;
• authorisation and registration of an administrator; and
• transparency requirements regarding the benchmark methodology.

Comments on the discussion paper are due by 31 March 2016. Feedback received will be used to develop detailed implementing measures on which ESMA aims to publish a follow-up consultation in Q3 2016