CSSF reminds supervised entities

News

BMR: CSSF reminds supervised entities of the transitional provisions for benchmarks

22 January 2020

Regulatory News Alert

Context and objectives

As of 1 January 2020, all entities which are subject to the CSSF supervision and which are using benchmarks are restricted to the use of the following types of benchmarks:

  • An index that does not fall within the scope of Regulation (EU) 2016/1011 on indices used as benchmarks (the “Benchmark Regulation” or “BMR”) as it is exempted from the BMR’s requirements pursuant to Article 2 (2) of the said regulation;
  • A benchmark which is provided by an administrator located in the European Union and included in the register referred to in Article 36 of the BMR (ESMA Register) or a benchmark which is included in the ESMA Register
  • A benchmark that is provided by an administrator located in a third country (such a benchmark may be used until 31 December 2021 without being included in the ESMA Register); 
  • A benchmark that is provided by an administrator located in a third country, where the benchmark is already used in the European Union on or before 31 December 2021 as a reference for financial instruments, financial contracts, or for measuring the performance of an investment fund;
  • A benchmark that is declared critical by the European Commission (such benchmark may be used until 31 December 2021 without being included in the ESMA Register);
  • A benchmark that is provided by an index provider applying for authorization or registration by 1 January 2020;
  • A benchmark that is not compliant with the Benchmark Regulation, only if a national competent authority of a member state of the European Union permits its use if particular requirements are met.

Usage of other indices or benchmarks not listed above is therefore no longer authorized.


How can Deloitte help?

Deloitte can assist you with the identification of those benchmarks that are no longer compliant with the Benchmark Regulation.

With our Regulatory Watch Kaleidoscope service, Deloitte can also help you stay ahead of the regulatory curve to better manage and plan upcoming regulations.

PDF - 93kb

Contacts

Subject matter specialists

Jean-Philippe Peters
Partner – Risk Advisory and
Regulatory Watch co-Leader
Tel : +352 45145 2276
jppeters@deloitte.lu

Xavier Zaegel
Partner – Capital Markets Services
Tel : +352 45145 2748
xzaegel@deloitte.lu

Arnaud Duchesne
Director – Risk Advisory
Tel : +352 45145 4852
aduchesne@deloitte.lu

Fabian De Keyn
Director – Capital Markets Services
Tel : +352 45145 3413
fdekeyn@deloitte.lu


Regulatory Watch Kaleidoscope service

Simon Ramos
Partner – IM Advisory & Consulting
Leader
Tel : +352 45145 2702
siramos@deloitte.lu

Benoit Sauvage
Director – RegWatch, Strategy & Consulting
Tel : +352 45145 4220
bsauvage@deloitte.lu

Marijana Vuksic
Manager – Strategy, Regulatory & Corporate Finance
Tel : +352 45145 2311
mvuksic@deloitte.lu

 
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