Since the EU Benchmarks Regulation (BMR) went into effect on 30 June 2016, ESMA has issued draft technical standards as well as final technical advice and held a public hearing. Though still evolving, these documents collectively provide substantive direction of travel for all level 2 measures. Firms awaiting further detail before developing their implementation plans now have it – in abundance.
Once the EC adopts the delegated acts (finalised technical advice), the EP and Council have a renewable three-month period to object. A separate final report on BMR technical standards is due by 1 April 2017. All level 2 measures must be finalised so that they enter in application with the BMR level 1 measures on 1 January 2018.
Mike J Wallace
Partner, Financial Benchmarks & Indices, PwC United Kingdom
Tel: +44 (0)7841 803061