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New delegated regulations supplementing benchmark regulation

21/01/2019

On 9 August 2018, the Commission published two implementing acts supplementing the Benchmarks Regulation (BMR):

  • Regulation (EU) 2018/1105  laying down implementing technical standards with regard to procedures and forms for the provision of information by competent authorities to ESMA under the BMR; 
  • Regulation (EU) 2018/1106 implementing technical standards with regard to templates for the compliance statement to be published and maintained by administrators of significant and non-significant benchmarks pursuant to the BMR.

Both Implementing Regulations applied from 29 October 2018. On 5 November 2018, the Commission published ten new Regulatory Technical Standards (RTS) . The RTS, which were adopted in draft by the European Commission back in July 2018, detail what will be required of benchmark administrators and contributors under BMR. The RTS apply to a range of elements around BMR including, but not limited to: the characteristics of the oversight function for benchmark administrators; the appropriateness and verifiability of input data and benchmark contributors; the information to be provided by administrators of critical or significant benchmarks; the information to be provided on an application for authorization or registration; etc. The Regulations entered into force on 25 November 2018 and will apply from 25 January 2019.

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