Section 1: Draft regulatory technical standards for the robust governance arrangements
ESMA is mandated by Article 5(2) of the ESAs' review to develop draft regulatory technical standards to specify the requirements to ensure that the governance arrangements referred to in Article 4(1) of the BMR are sufficiently robust. ESMA proposes requirements for the clear organisational structure and with well-defined and transparent roles and responsibilities for all persons involved in the provision of a benchmark. The procedures proposed are the minimum expected, allowing for proportionality depending on the size and nature of the benchmark.
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Qualitative description |
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Benefits |
The main benefit of the proposed draft regulatory technical standards is to further specify aspects of the governance arrangements of the administrator, such as the organisational structure and the roles and responsibilities for persons involved in the provision of a benchmark. In this way the draft standards |