On 2 December, FIA, GFMA and ISDA submitted a joint response to the ESMA Consultation Paper on draft technical standards under the Benchmarks Regulation (BMR). The Associations support the objectives of the BMR to ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets and investor protection. While the Associations support the broad goals of the BMR to provide a regulatory framework for benchmarks in the European Union, we continue to have significant concerns over several aspects of the regulation such as the workability of the third country regime amongst others.
The full response is available in Resources on the right.
- Benchmark Reform