BMR

ESMA Updates Q&As on BMR: May 2019

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On May 23, the European Securities and Markets Authority (ESMA) published an updated version (ESMA70-145-11) of its Q&As on the Benchmarks Regulation ((EU) 2016/1011) (BMR), which were previously updated in January 2019. The updated Q&As can be found here.

The Q&As have been updated to include:

  • A new Q&A 7.4 on the relevant time to determine the member state of reference in an application for recognition under Article 32(4) of the BMR.
  • A new Q&A 7.5 on the information on which national competent authorities may rely on in an external audit report of compliance with the International Organization of Securities Commission (IOSCO) principles for oil reporting agencies under Article 32(2) of the BMR.
  • A new Q&A 8.5 on the type of information that should be included in the field “contact info” of ESMA’s register of benchmark administrators.

Council of EU Confirms the Ten Delegated Regulations on RTS under BMR

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On October 9, The Council of the EU published the minutes of a meeting held in its configuration as the Environment Council (12898/18).

Page 11 of the minutes confirms that the Council has decided not to object to ten Delegated Regulations setting out regulatory technical standards (“RTS“) under the Benchmarks Regulation ((EU) 2016/1011) (“BMR“) that were adopted by the European Commission in July 2018.

The European Parliament’s next step is to consider the Delegated Regulations and decide whether to object to them. If the Parliament does not object, the Delegated Regulations will be published in the Official Journal of the EU (“OJ“). The Regulations will enter into force 20 days after their publication in the OJ and apply two months after the date of publication.