On October 22, the UK Financial Conduct Authority (FCA) published an evaluation paper that considers the impact that bringing seven additional benchmarks into its regulatory and supervisory regime had on the market.

The paper evaluates the Benchmarks (Amendment) Instrument 2015 (Benchmarks Instrument), by which the FCA made amendments to the FCA Handbook to reflect the additional benchmarks.
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On July 17, the European Securities and Markets Authority (ESMA) updated its Q&As on the EU Benchmarks Regulation (BMR). The Q&As aim to promote common supervisory approaches and practices in the day-to-day application of the BMR.

The update to the Q&As on the BMR clarifies:

  1. when a calculation agent is considered a user of benchmarks

On March 22, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Union (EU) Benchmarks Regulation (BMR). The Q&As aim to promote common supervisory approaches and practices in the day-to-day application of the BMR.

The updated Q&As on the BMR add one new question and answer which considers the application of governance and control requirements by supervised contributors during the transitional period, the varying timeframes of which are further detailed in Article 51 of the BMR.
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On February 15, the European Securities and Markets Authority (ESMA) published a discussion paper (ESMA/2016/288) (Discussion Paper) regarding implementation of the regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmarks Regulation).

The Discussion Paper is designed to inform ESMA’s work on draft regulatory technical standards and technical advice to the European Commission, in relation to the Benchmarks Regulation.
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