We have published an online briefing note concerning 10 things you should know about the European Commission’s draft Regulation on indices used as benchmarks in financial instruments and financial contracts. If implemented the draft Regulation would:
- apply to indices that are used to reference a financial instrument traded or admitted to trading on a regulated venue in the EU or a financial contract (such as mortgages), or that measure the performance of an investment fund in the EU;
- require price reporting agencies and those issuing and maintaining the benchmark (the administrators) to be authorised and supervised by a competent authority in the relevant EU Member State; and
- require administrators and those entities contributing input data (contributors) to sign a legally binding code of conduct for each index governing the submission process and use of data.
View Our briefing