Shearman & Sterling LLP | Financial Regulatory Developments Focus | EU Implementing Regulations for Benchmark Regulation Published
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  • EU Implementing Regulations for Benchmark Regulation Published
    08/09/2018
    Two Commission Implementing Regulations supplementing the Benchmark Regulation have been published in the Official Journal of the European Union. The Benchmark Regulation, which took effect across the EU in January 2018, sets out the authorization and registration requirements for benchmark administrators, including third-country entities, and the requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be "critical" and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of critical benchmarks.

    The first Implementing Regulation provides for Implementing Technical Standards on the procedures and forms for the provision of information by national regulators to the European Securities and Markets Authority.

    The second Implementing Regulation provides for ITS on a template for compliance statements to be used by an administrator of benchmarks where it has chosen not to apply some of the provisions of the Benchmark Regulation.

    Both of the Implementing Regulations will be directly applicable across the EU, applying from October 29, 2018.

    View the ITS on information provided by national regulators to ESMA.

    View the ITS on templates for compliance statements.

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    TOPIC: Securities