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The Consultation Paper proposes lighter requirements for non-significant benchmarks, their administrators and their supervised contributors in relation to four areas:
procedures, characteristics and positioning of oversight function;
appropriateness and verifiability of input data;
transparency of methodology; and
governance and control requirements for supervised contributors.
The first three areas are applicable to administrators of non-significant benchmarks while the fourth one is directly applicable to supervised contributors to non-significant benchmarks.
ESMA welcomes stakeholders’ feedback, which it will consider in producing the final Guidelines. The closing date for comments is 30 November 2017.