Page 392 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

ESMA Proposes Improvements to the EU Regime of Third Country Benchmark
(2022/8/19)

The European Securities and Markets Authority (ESMA), the EU’s securities

markets regulator, has today published its response to the European Commission’s

(Commission) consultation on the regime applicable to the use of benchmarks

administered in a third country (TC). In its response, ESMA comments on the

functioning of the current regime and proposes improvements to the regulatory and

supervisory framework as well as the European Union (EU) benchmark labels.

The key highlights are:

 the restrictions on the use of TC benchmarks should be removed

following a risk-based approach while ensuring a level playing field between EU

and TC administrators;

 the proposal to create a new category of ‘strategic’ benchmarks is

supported by ESMA; this category would be the only category of benchmarks

subject to mandatory restrictions of use, similar to the current rules; and

 the introduction of an EU ESG benchmark label would be an extra

supporting tool against greenwashing.

ESMA emphasises that while the Benchmarks Regulation (BMR) covers a wide

range of benchmarks used in the EU, so far very few jurisdictions have followed a

similar regulatory approach regarding the provision and use of benchmarks. Therefore,

the wide scope of the BMR would lead to the undesirable outcome of limited

availability of TC benchmarks to EU investors as opposed to their non-EU peers.

Next steps

The response has been submitted to the Commission. The Commission will

prepare a report with recommendations on the effectiveness of the BMR to the
European Parliament and Council.

337
回 到 首 页 回 到 目 录