Regulation 2016/1011/EU - Benchmarks Regulation (BMR)

Comparing proposed amendment...


	Recitals
	Title I Subject matter, scope and definitions (arts. 1-3)
Applicable	Article 1 Subject-matter
Amended	Article 2 Scope
Amended	Article 3 Definitions
	Title II Benchmark integrity and reliability (arts. 4-16)
	Chapter 1 Governance of and control by administrators (arts. 4-10)
Applicable	Article 4 Governance and conflict of interest requirements
Applicable	Article 5 Oversight function requirements
Applicable	Article 6 Control framework requirements
Applicable	Article 7 Accountability framework requirements
Applicable	Article 8 Record-keeping requirements
Applicable	Article 9 Complaints-handling mechanism
Applicable	Article 10 Outsourcing
	Chapter 2 Input data, methodology and reporting of infringements (arts. 11-14)
Applicable	Article 11 Input data
Applicable	Article 12 Methodology
Amended	Article 13 Transparency of methodology
Applicable	Article 14 Reporting of infringements
	Chapter 3 Code of conduct and requirements for contributors (arts. 15-16)
Applicable	Article 15 Code of conduct
Applicable	Article 16 Governance and control requirements for supervised contributors
	Title III Requirements for different types of benchmarks (arts. 17-26)
	Chapter 1 Regulated-data benchmarks (art. 17)
Applicable	Article 17 Regulated-data benchmarks
	Chapter 2 Interest rate benchmarks and spot foreign exchange benchmarks (arts. 18-18a)
Applicable	Article 18 Interest rate benchmarks
Inserted	Article 18a Spot foreign exchange benchmarks
	Chapter 3 Commodity benchmarks (art. 19)
Applicable	Article 19 Commodity benchmarks
	Chapter 3A EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (arts. 19a-19d)
Inserted	Article 19a EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks
Inserted	Article 19b Requirements for EU Climate Transition Benchmarks
Inserted	Article 19c Exclusions for EU Paris-aligned Benchmarks
Inserted	Article 19d Endeavour to provide EU Climate Transition Benchmarks
	Chapter 4 Critical benchmarks (arts. 20-23 )
Applicable	Article 20 Critical benchmarks
Amended	Article 21 Mandatory administration of a critical benchmark
Applicable	Article 22 Mitigation of market power of critical benchmark administrators
Amended	Article 23 Mandatory contribution to a critical benchmark
	Chapter 4A Statutory replacement of a benchmark (arts. 23a-23c)
Inserted	Article 23a Scope of the statutory replacement of a benchmark
Inserted	Article 23b Replacement of a benchmark by Union law
Inserted	Article 23c Replacement of a benchmark by national law
	Chapter 5 Significant benchmarks (arts. 24-25)
Applicable	Article 24 Significant benchmarks
Draft	Draft Article 24a Requirements for administrators of significant benchmarks
Applicable	Article 25 Exemptions from specific requirements for significant benchmarks
	Chapter 6 Non-significant benchmarks (art. 26)
Applicable	Article 26 Non-significant benchmarks
	Title IV Transparency and consumer protection (arts. 27-28 and draft art. 28a)
Amended	Article 27 Benchmark statement
Amended	Article 28 Changes to and cessation of a benchmark
Inserted	Article 28a Accessibility of information on the European single access point
	Title V Use of benchmark in the Union (arts. 29-33)
Amended	Article 29 Use of a benchmark
Applicable	Article 30 Equivalence
Applicable	Article 31 Withdrawal of registration of an administrator located in a third country
Applicable	Article 32 Recognition of an administrator located in a third country
Applicable	Article 33 Endorsement of benchmarks provided in a third country
	Title VI Authorisation, registration and supervision of administrator (arts. 34-48n)
	Chapter 1 Authorisation and registration (arts. 34-36)
Applicable	Article 34 Authorisation and registration of an administrator
Applicable	Article 35 Withdrawal or suspension of authorisation or registration
Applicable	Article 36 Register of administrators and benchmarks
	Chapter 2 Supervisory cooperation (arts. 37-39)
Applicable	Article 37 Delegation of tasks between competent authorities
Applicable	Article 38 Disclosure of information from another Member State
Applicable	Article 39 Cooperation on on-site inspections and investigations
	Chapter 3 Role of competent authorities (arts. 40-48)
Applicable	Article 40 Competent authorities
Applicable	Article 41 Powers of competent authorities
Amended	Article 42 Administrative sanctions and other administrative measures
Amended	Article 43 Exercise of supervisory powers and imposition of sanctions
Amended	Article 44 Obligation to cooperate
Amended	Article 45 Publication of decisions
Amended	Article 46 Colleges
Amended	Article 47 Cooperation with ESMA
Applicable	Article 48 Professional secrecy
	Chapter 4 ESMA powers and competences (arts. 48a-48n)
	Section 1 Competences and procedures (arts. 48a-48d)
Inserted	Article 48a Exercise of the powers by ESMA
Inserted	Article 48b Request for information
Inserted	Article 48c General investigations
Inserted	Article 48d On-site inspections
	Section 2 Administrative sanctions and other administrative measures (arts. 48e-48h)
Inserted	Article 48e Supervisory measures by ESMA
Inserted	Article 48f Fines
Inserted	Article 48g Periodic penalty payments
Inserted	Article 48h Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
	Section 3 Procedures and review (arts. 48i-48k)
Inserted	Article 48i Procedural rules for taking supervisory measures and imposing fines
Inserted	Article 48j Hearing of the persons subject to investigations
Inserted	Article 48k Review by the Court of Justice
	Section 4 Fees and delegation (arts. 48l-48n)
Inserted	Article 48l Supervisory fees
Inserted	Article 48m Delegation of tasks by ESMA to competent authorities
Inserted	Article 48n Transition measures related to ESMA
	Title VII Delegated and implementing Acts (arts. 49-50)
Amended	Article 49 Exercise of the delegation
Applicable	Article 50 Committee procedure
	Title VIII Transitional and final provisions (arts. 51-59)
Amended	Article 51 Transitional provisions
Applicable	Article 52 Deadline for updating the prospectuses and key information documents
Amended	Article 53 ESMA reviews
Amended	Article 54 Review
Applicable	Article 55 Notification of benchmarks referenced and their administrators
Applicable	Article 56 Amendments to Regulation (EU) No 596/2014
Applicable	Article 57 Amendments to Directive 2008/48/EC
Applicable	Article 58 Amendments to Directive 2014/17/EU
Applicable	Article 59 Entry into force
Applicable	Annex I Interest rate benchmarks
Applicable	Annex II Commodity benchmarks
Inserted	Annex III EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks
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