Finansielle referanseindekser: utfyllende bestemmelser om åpenhet om metodikk

Tittel

(Under forberedelse) Delegert kommisjonsforordning om utfyllende bestemmelser til europaparlaments- og rådsforordning (EU) 2016/1011 med hensyn til reguleringtekniske standarder som angir informasjon som skal gis om de viktigste elementene i metodikken, detaljene i den intern gjennomgangen og godkjenningen av en metodikk og prosedyrene for konsultasjon om ethvert forslag om vesentlige endringer i administratorens referanseindeksmetodikk

(Under development) Commission Delegated Regulation supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to regulatory technical standards for supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information to be provided on the key elements of the methodology, the details of the internal review and the approval of a methodology and the procedures for consulting on any proposed material change in the benchmark administrator's methodology

Siste nytt

Rapport med utkast til delegert kommisjonsforordning vedtatt av Den europeiske verdipapirtilsynsmyndighet (ESMA) og sendt til Kommisjonen 30.3.2017

Behandlende organ


 
 

Nærmere omtale

BAKGRUNN (fra kommisjonsforordningen, engelsk utgave)

(1) It is important that administrators disclose the key elements of the methodology to allow users and potential users to understand how a benchmark is determined, what it measures and therefore to understand the appropriateness of the benchmark for their purposes and any limitations or risks of the methodology. A uniform disclosure of the key elements of the methodology across the Union will allow users and potential users to easily compare the methodologies of different benchmarks and choose appropriately according to their intended use.

(2) Benchmarks’ methodologies are highly divergent. The key elements of the methodology that are specified by this Regulation therefore only need to be published or made available insofar as they apply to a particular benchmark methodology.

(3) For the purposes of ensuring the reliability and accuracy of a benchmark, two key elements to be disclosed by the administrator are the minimum quantity and quality of input data required to be able to apply the methodology of the benchmark and perform its calculation. In addition, the use of discretion in the determination of benchmarks increases their vulnerability to manipulation. In order to minimise this risk of manipulation, the administrator should disclose, as part of the key elements of the methodology, clear rules in relation to the circumstances when discretion can be used and how this discretion may be exercised

(4) In order for users and potential users to be sufficiently informed of the administrator’s process for reviewing the methodology it is important that the administrator publishes the policies and procedures related to this process together with the bodies involved and the relevant governance process in which it is embedded.

(5) Regulation (EU) 2016/1011 requires the information regarding the key elements of the methodology and the details of the internal review of the methodology to be publicly accessible for critical and significant benchmarks. In accordance with the principle of proportionality, this Regulation avoids putting an excessive burden on administrators of significant benchmarks, by allowing them to choose to reduce disclosure to a more limited set of elements or to disclose certain elements at a reduced level of detail.

(6) In order for a user or a potential user to understand how an administrator will consult on a proposed material change to a benchmark, the administrator should disclose in advance certain information on how it will conduct the consultation, and on the rationale for a proposed material changes including how it will assess the impact of a proposed change. In specific circumstances, such as in case of sudden market events, the administrator might conduct a consultation within a shorter time frame than the standard period otherwise set out.

(7) This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority to the Commission.

(8) The European Securities and Markets Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council

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Dato
30.03.2017
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