On May 27, 2016, ESMA launched a consultation on its proposed technical advice to the European Commission on delegated acts due under the EU Benchmarks Regulation. ESMA consulted in February this year on its initial approach to the technical advice and the draft technical standards that it is required to prepare. The consultation on draft technical standards will be held separately in the second half of 2016. ESMA’s advice will cover: (i) certain definitions, including the definition of benchmarks and “use;” (ii) criteria for the identification of critical benchmarks; (iii) endorsement of a benchmark or family of benchmarks provided in a third country; (iv) the measurement of the use of critical and significant benchmarks; and (v) transitional provisions.

The Benchmark Regulation has been adopted but has not yet been published in the Official Journal of the European Union. Once it is published, expected in June, it will come into force. ESMA’s advice to the Commission is due within four months of the Benchmarks Regulation entering into force.

Responses to the consultation are to be received by June 30, 2016.

ESMA’s consultation paper is available at: