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27 September 2018

ESMA(欧州証券市場機構)、ベンチマーク規則に関するQ&Aを更新


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The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements.


The updated BMR Q&As provide new clarifications regarding the following topics: 

  • When the written plan to be produced by users of benchmarks should be considered robust and how such plans should be reflected in the contractual relationship with clients;
  • The reference to systematic internaliser in the definition of financial instruments;
  • When banks issuing certificates classify as users of benchmarks;
  • Why NAV of investment funds should be considered input data and not benchmarks;
  • The application for endorsment of family of benchmarks;
  • The language of benchmark statements.

Full Q&As



© ESMA


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