On 13 July 2018, the European Commission adopted ten Delegated Regulations setting out regulatory technical standards (RTS) under the Benchmarks Regulation (BMR):
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the contents of, and cases where updates are required to, the benchmark statement to be published by the administrator of a benchmark;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the criteria to be taken into account by competent authorities when assessing whether administrators of significant benchmarks should apply certain requirements;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further how to ensure that input data is appropriate and verifiable, and the internal oversight and verification procedures of a contributor that the administrator of a critical or significant benchmark has to ensure are in place where the input data is contributed from a front office function;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS for the procedures and characteristics of the oversight function;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS determining the minimum content of co-operation arrangements with competent authorities of third countries whose legal framework and supervisory practices have been recognised as equivalent;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the criteria to be taken into account by competent authorities when assessing whether administrators of significant benchmarks should apply certain requirements;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS for the form and content of the application for recognition with the competent authority of the member state of reference and of the presentation of information in the notification to ESMA;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the governance and control requirements for supervised contributors;
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying for the information to be provided in an application for authorisation and in an application for registration, plus annex; and
- Commission Delegated Regulation (EU) supplementing the BMR with regard to RTS specifying further the information to be provided by administrators of critical or significant benchmarks on the methodology used to determine the benchmark, the internal review and approval of the methodology and on the procedures for making material changes in the methodology.
The Council of the EU and the European Parliament will now consider the Delegated Regulations. If neither of them objects, they will enter into force twenty days after they are published in the Official Journal of the EU.
