The EU Benchmarks Regulation (BMR) came into effect on 30 June 2016. The European Securities and Markets Authority (ESMA) has now submitted final Level 2 advice to the European Commission (EC). This includes the final technical advice ESMA submitted to the EC in November 2016 and the regulatory technical standards (RTS) and implementing technical standards (ITS) it submitted in late March 2017. These technical standards together provide the near-final version of the requirements administrators and contributors have to implement by the time BMR goes live on 1 January 2018, subject to transitional provisions.
Mike J Wallace
Partner, Financial Benchmarks & Indices, PwC United Kingdom
Tel: +44 (0)7841 803061