ESMA published a consultation paper (ESMA/2016/723) on the technical implementation of the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (“Benchmark Regulation“).

The proposals in the paper are based on the provisional text of the Benchmark Regulation published by the European Parliament in April 2016. The paper covers the five areas on which the Commission has requested advice, setting out the relevant provisions and their objectives, an explanation of the related policy issues and references to the relevant responses received to the discussion paper: some elements of the definitions, measurement of the use of critical and significant benchmarks, criteria for the identification of critical benchmarks, endorsement of a benchmark or family of benchmarks provided in a third country and transitional provisions. Consultation paper.