(Under forberedelse) Delegert kommisjonsforordning om utfyllende bestemmelser til europaparlaments- og rådsforordning (EU) 2016/1011 med hensyn til reguleringtekniske standarder for å sikre at inngangsdataene er hensiktsmessig og kontrollerbar og for de interne kontroll- og verifiseringprosedyrene av en bidragsyter som administratoren må forsikre er på plass hvor inngangsdata kommer fra en kontorklientfunksjon
(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 ensuring that input data is appropriate and verifiable and for the internal oversight and verification procedures of a contributor that the administrator has to ensure are in place where input data is contributed from a front office function
Rapport med utkast til delegert kommisjonsforordning vedtatt av Den europeiske verdipapirtilsynsmyndighet (ESMA) og sendt til Kommisjonen 30.3.2017
BAKGRUNN (fra kommisjonsforordningen, engelsk utgave)
(1) In order for input data to be appropriate in accordance with Regulation (EU) 2016/1011, it is important that the input data represents the underlying market or economic reality that the benchmark seeks to measure and that it conforms to the methodology. Administrators should ensure that input data is appropriate taking into consideration the characteristics of the underlying market or economic reality as well as the methodology set by the administrator.
(2) Whether input data is verifiable relates to its accuracy, which is highly dependent on the type of input data used. Input data which is not transaction data or does not come from a regulated data source as set out in the definition of a regulated-data benchmark in point (24) of Article 3(1) of Regulation (EU) 2016/1011 may still meet the requirement of being verifiable if sufficient information is available to conduct the extensive checks set out in this Regulation. Information that is needed from contributors to ensure input data is verifiable is to be specified by the administrator. The administrator has available to it several ways of communicating requests and expectations to contributors, including, but not limited to, its code of conduct.
(3) In order to ensure input data is appropriate and verifiable, input data should be monitored on a regular basis, reflecting the vulnerability of the input data type. Existing regulation and supervision ensure the integrity of regulated data which can therefore be subject to less extensive checks by an administrator. Other types of input data that require more verification might be subject to more complex checks, notably input data which is not transaction data especially that contributed from a front-office function.
(4) When input data is contributed, one important monitoring check is to ensure that the contributions are provided within a time-period set by the administrator to ensure consistency between contributions from different contributors. When input data is not contributed, the time at which the input data is considered has also to be checked in order to ensure consistency between different input data.
(5) Effective internal oversight relies on appropriate structures within the contributor organisation such as three levels of control functions. As an element of the first level of control, it is important that processes to ensure the effective checking of input data are in place.
(6) Contributions from a front office function present a particular risk as a result of an inherent conflict of interest between the commercial role of the front office and its role in contributing to a benchmark. As an element of the second level of control, it is important to manage and maintain a conflict of interest policy and to perform regular checks on the input data used. In addition, a notable tool that may be useful in bringing to light and escalating any misconduct, or in detecting activities potentially affecting the integrity of the benchmark, would be the establishment of a whistleblowing procedure that permits any staff member to report an instance of misconduct to the relevant compliance function or other appropriate internal function.
(7) Regulation (EU) 2016/1011 requires that an administrator ensures input data is appropriate and verifiable as well as that a contributor has adequate internal oversight and verification procedures in place. This Regulation applies to administrators of critical and significant benchmarks and, in accordance with the principle of proportionality, it avoids putting an excessive burden on administrators of significant benchmarks by allowing these to apply the conflicts of interests requirements only for material actual or potential conflicts of interests. In addition, it may be appropriate to afford an administrator additional discretion in how it ensures internal oversight and verification procedures at contributor level. In particular, it may be justified to differentiate the required measures in accordance with the nature, scale and complexity of the contributor’s organisation.
(8) This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority to the Commission.
(9) 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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