The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a Final Report on the review of the regulatory technical standards (RTS) on the form and content of applications for recognition by non-EU benchmark administrators, and consultation on amendments to the RTS on the information that EU benchmark administrators need to provide in applications for authorization and registration.

Amended standards for applications for recognition

The Final Report includes a draft RTS that aims at aligning the information provided in a recognition application with the amended BMR following the transfer of direct supervisory responsibilities to ESMA. This is to ensure that these applications include all necessary information in order for ESMA to assess whether the applicant meets BMR requirements.

Third-country benchmark administrators who wish to apply for recognition, are encouraged to contact ESMA at [email protected].

Input sought on standards for applications for authorization and registration

In the consultation also published today, ESMA is seeking stakeholder views on proposed changes to the RTS on authorization and registration. The objective is to safeguard equal treatment between EU and non-EU Benchmarks administrators by aligning the information requested in applications from EU administrators with the information requested in recognition applications from non-EU administrators.

Next steps

The draft RTS on recognition is sent to the European Commission (EC) for endorsement in the form of a Commission Delegated Regulation. Following the endorsement by the EC, the Commission Delegated Regulation will then be subject to the non-objection of the European Parliament and of the Council.

ESMA will consider the responses to its consultation before submitting the draft RTS on authorization and registration to the European Commission for adoption. The closing date for responses from stakeholders is 31 January 2023.

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