On July 7, the European Securities and Markets Authority (ESMA) published responses (Responses) received in relation to a consultation paper (Consultation Paper) on draft technical advice under the EU regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmarks Regulation) originally published in May 2016. The Responses address certain definitions, measurements in relation to the use of critical and significant benchmarks, criteria for identifying critical benchmarks, endorsement of third-country benchmarks and transitional provisions under the Benchmarks Regulation.

The Benchmarks Regulation went into effect on June 30, and ESMA expects to submit final technical advice to the European Commission within four months of this date.

Copies of the Responses can be found here.

ESMA’s original Consultation Paper can be found here.