![]() ![]() The form and content of an application for recognition are detailed in Commission Delegated Regulation (EU) 2018/1645.īefore submitting an application for recognition, applicants are strongly encouraged to engage with ESMA as they prepare the necessary documentation for the application. Article 32 of the Benchmarks Regulation requires the applicant administrator to provide all information necessary to satisfy ESMA that it has established, at the time of recognition, all the necessary arrangements to meet the requirements set out in the Benchmarks Regulation and further specified in Commission Delegated Regulation (EU) 2018/1645. If an administrator, located in a third country, wishes to be recognised in the EU for its benchmarks to be used in the EU, then it has to apply for recognition with ESMA. You can find in ESMA’s register the list of the administrators and third-country benchmarks that are supervised by ESMA. On 1 January 2022, the supervisory responsibilities over EMMI were transferred from the FSMA to ESMA.ĮSMA is also responsible for the supervision in the EU of third-country benchmark administrators that are recognised under BMR. ![]() In July 2019, EMMI was authorised as administrator of EURIBOR under the Benchmarks Regulation by the Belgian Financial Services and Markets Authority (FSMA). Currently, the only EU critical benchmark is EURIBOR, administered by the European Money Markets Institute (EMMI). ESMA is responsible for the supervision of the EU critical benchmarks. The national competent authorities are responsible for the supervision of the administrators providing national critical benchmarks in their respective country. The list of all critical benchmarks is available here. Those that are critical across the EU (EU critical benchmarks) or they are critical in one Member State (national critical benchmarks). ESMA’s supervision for benchmarks administrators is risk-based, outcome-based and data-driven.Ĭritical benchmarks fall in two categories. Since 1 January 2022, ESMA is also responsible for authorising any new administrators of EU critical benchmarks and recognising third-country benchmark administrators. ![]() The following are the equivalent decisions adopted by the Commission under BMR and the corresponding cooperation arrangements between ESMA and the third country authorities.ĮSMA as supervisor of benchmark administratorsįrom 1 January 2022, ESMA became the supervisor of the existing administrators of EU critical benchmarks and recognised third-country benchmark administrators. When the Commission adopts an equivalence decision, stating that the regulatory framework of a third-country is equivalent to the EU BMR, ESMA establishes cooperation arrangements with the competent authority of that third country. The equivalence regime applies at jurisdiction level, and it is driven by an assessment by the Commission. ![]() In November 2019, two new categories of benchmarks were included: EU Climate Transition and EU Paris-aligned benchmarks.īenchmarks provided from outside the EU can be offered in the EU market under one of the following BMR regimes for third-country benchmarks: equivalence, recognition or endorsement. The Benchmarks Regulation includes also specific rules for commodity benchmarks and interest rates. It includes three categories of benchmarks: critical, significant and non-significant benchmarks, with critical benchmarks subject to stricter rules. The scope of the Benchmarks Regulation is broad. The Benchmarks Regulation aims at protecting consumers and investors exposed to benchmarks thanks to greater transparency and rigorous oversight over the provision of benchmarks in the EU. ![]()
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