Circular CSSF 19/728 is a CSSF circular, published 1 August 2019. Subject: ESMA Guidelines on non-significant benchmarks under the Benchmarks Regulation.
\nMain topic: Benchmarks. Keywords: Benchmark regulation.
\nLuxembourg, 1 August 2019
\nTo benchmark administrators and supervised contributors
\nRe:
\nESMA Guidelines on non-significant benchmarks under the Benchmarks Regulation
\nLadies and Gentlemen,
\nThe purpose of this circular is to transpose the “Guidelines on non-significant benchmarks under the Benchmarks Regulation 1” (Ref. ESMA70-145-1209) (hereafter, the “Guidelines”), published on 19 June 2019 by the European Securities and Markets Authority (ESMA), into Luxembourg regulation. The Guidelines apply in relation to the provision of non-significant benchmarks and the contribution to non-significant benchmarks and relate to: procedures and characteristics of the oversight function (Article 5 of the Benchmark Regulation); input data (Article 11 of the Benchmark Regulation); transparency of methodology (Article 13 of the Benchmark Regulation); and governance and control requirements for supervised contributors (Article 16 of the Benchmark Regulation).
\nRegulation (EU) 2016/1011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 1
\nThe Guidelines are annexed to this circular and are available on ESMA’s website http://www.esma.europa.eu.
\nThis circular enters into force on the day of its publication.
\nYours faithfully,
\nAnnex:
\nGuidelines on non-significant benchmarks under the Benchmarks Regulation
\nGuidelines On non-significant benchmarks under the Benchmarks Regulation
\n19/06/2019 | ESMA70-145-1209
\nTable of Contents I.
\nScope ............................................................................................................................. 3
\nII.
\nLegislative references, abbreviations and definitions ...................................................... 3
\nIII. Purpose.......................................................................................................................... 5 IV. Compliance and reporting obligations............................................................................. 5
\nScope Who? 1. These guidelines apply to competent authorities designated under Article 40 of the Benchmarks Regulation, administrators as defined in Article 3(1)(6) of the Benchmarks Regulation and to supervised contributors as defined in Article 3(1)(10) of the Benchmarks Regulation. What? 2. These guidelines apply in relation to the provision of non-significant benchmarks and the contribution to non-significant benchmarks (Article 5, Article 11, Article 13, Article 16 of BMR). When? 3. These guidelines apply from two months after the date of publication of the guidelines on ESMA’s website in all EU official languages.
\nII.
\nLegislative references, abbreviations and definitions Legislative references ESMA Regulation
\nRegulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC1
\nBMR
\nRegulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014.
\nAbbreviations NSBs
\nNon-significant benchmarks
\nDefinitions
\nOJ L 331, 15.12.2010, p. 84.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
"}