The Financial Markets Law Committee (FMLC) has published its response to ESMA's September consultation on draft RTS and ITS required under the Benchmark Regulation. Points raised by the FMLC include the following: (i) the FMLC notes that, in certain circumstances, a board may delegate management to executive and operational staff and recommends that this possibility is reflected in the draft RTS on the oversight function; (ii) the FMLC welcomes ESMA's decision to include specific points on a benchmark's compliance with IOSCO's Principles for Financial Benchmarks, as information required to be provided in an application for recognition as a third country provider; and (iii) it also welcomes the provision in the draft RTS on recognition, which permits an applicant to dispense with providing the information referred to in (ii) where it is contained, instead, in an assessment by an independent auditor of the benchmark's compliance with the Principles. Other respondents so far include The Investment Association, the European Fund and Asset Management Association, the Federation of European Securities Exchanges and the London Stock Exchange Group/FTSE Russell.