The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultation on draft Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR) covering governance, methodology, infringements reporting, critical benchmarks.
Proposed RTS
The outcome of the ESAs Review, Article 5 of Regulation (EU) 2019/2175, introduced changes to the BMR including a new mandate for ESMA to develop draft RTS to further specify certain of the BMR’s requirements, namely:
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the requirements to ensure that the governance arrangements of an administrator are sufficiently robust;
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the conditions that ensures that the methodology an administrator uses to determine a benchmark complies with the relevant requirements in Article 12(1) of the Benchmarks Regulation;
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the characteristics of the systems and controls established by an administrator to ensure the integrity of input data in order to be able to identify and report to the competent authorit