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The EU Benchmarks Regulation Gathers Pace

This week, the European Securities and Markets Authority (ESMA) published a discussion paper on what is perhaps the most important regulatory topic of the year: the EU Benchmarks Regulation. ESMA has also opened an industry consultation to inform its future proposals on draft Regulatory Technical Standards and Technical Advice to the European Commission.

This news marks another important stage in the passage of this crucial piece of legislation. RIMES welcomes the consultation and hopes that it will help bring home to all relevant stakeholders – benchmark owners and benchmark users alike – just how important it is for them to prepare for the regulation; most likely to be implemented sometime this year.

RIMES believes this consultation will play an important part in highlighting to the industry what is one of the main challenges that will arise from the regulation: increasing requirements for benchmark input data. At present, far too few organizations understand just how great an impact this regulation will have on both the cost and complexity of data management.

ESMA will hold an open hearing on the 29 February 2016 in Paris, an event which will bring us a significant step closer to the implementation of the Benchmarks Regulation. Our advice to all firms that either provide or use benchmarks is to act as soon as possible in order to understand the full impact the regulation will have on their businesses.

The simplest approach is to speak with managed data specialists such as RIMES. Such managed services providers can help businesses overcome the growing complexity of data management and can also help keep costs down in an environment where regulations are forcing them up. By outsourcing their benchmark data needs, asset and fund managers can free themselves of the impact of growing regulatory burdens and focus on their core competencies.

View the latest timeline of the EU financial benchmark reform here and our paper reviewing processes and procedures surrounding the management of benchmark activities to increase benchmark transparency and comply with new legislation here.

For further information, please contact us.

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