Authorities can impose financial and/or non-financial penalties for Financial Benchmarks Regulation infringement including cease and desist orders, €500,000 fine for individuals in breach of requirements, or €1 million or 10% of annual income for companies in breach of requirements.
If you are using Benchmarks, under BMR you must:
- Ensure the supplier of your benchmark is a registered administrator under BMR.
- Ensure the benchmark is administrated by an official administrator based in the EU.
- Ensure you have robust plans in place to substitute a benchmark in the case of material change to or cancellation of a benchmark.