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DRAFT REPORT (COM(2023)0660 – C90389/2023 – 2023/0379(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements

ECON-PR-757977

Committee on Economic and Monetary Affairs · Rapporteur: Jonás Fernández

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This draft report sets out Parliament's amendments to the Commission proposal amending the Benchmarks Regulation, narrowing its scope to critical, significant, EU Climate Transition, EU Paris-aligned, ESG and certain commodity benchmarks, and shifting supervisory powers to ESMA. It introduces voluntary supervision for administrators of other benchmarks, requires ESMA to develop technical standards, and adjusts the significant benchmark threshold to EUR 30 billion.

Committee position. The rapporteur proposes to amend the Commission proposal to narrow the scope of the Benchmarks Regulation, give ESMA more supervisory powers, lower the significant benchmark threshold, and introduce voluntary supervision.

Key points

  1. Titles II, III (except Articles 23a-23d), IV and VI apply only to critical, significant, commodity benchmarks subject to Annex II, EU Climate Transition, EU Paris-aligned and ESG benchmarks.
  2. Administrators may voluntarily apply for authorisation, registration, recognition or endorsement even if their benchmarks are not significant or critical.
  3. Administrators must notify ESMA (and the national competent authority if in a member state) when a benchmark exceeds the significant threshold; ESMA may also declare a benchmark significant after hearing the administrator.
  4. The significant benchmark threshold is lowered to at least EUR 30 billion total average value, calculated across maturities, currencies and return methodologies over six months.
  5. ESMA designates benchmarks significant across the Union, with a draft decision and 15 working days for observations; it may also designate third-country benchmarks significant on its own initiative.
  6. Administrators of benchmarks that become significant must seek authorisation or registration within 60 working days; if already registered in a member state, the registration transfers to ESMA.
  7. Only administrators included in the ESMA register may provide or endorse EU Climate Transition, EU Paris-aligned or ESG benchmarks; names must include 'EU CTB' or 'EU PAB'.
  8. Supervised entities may use benchmarks claiming ESG factors only if the administrator discloses required information; they must report annually to ESMA on benchmark use.
  9. ESMA becomes the competent authority for administrators of benchmarks significant across the Union, third-country administrators, and endorsing administrators; it may impose supervisory measures on legal representatives.
  10. Administrators previously authorised, registered, endorsed or recognised retain their status for six months after entry into application; ESMA must decide on designation within that period.

Who is affected

  • Benchmark administrators in the EU and third countries: face new notification duties, possible ESMA supervision, and voluntary opt-in options.
  • Supervised entities using benchmarks: must verify administrator status, replace benchmarks under public notices, and report annually to ESMA.
  • Issuers of prospectuses referencing certain benchmarks: must include information on whether the administrator is in the ESMA register.

Figures and deadlines

  • EUR 30 billion: threshold for a significant benchmark's total average value.
  • 60 working days: time for administrators to seek authorisation or registration after notification or designation.
  • 10 working days: notice period before ESMA or a competent authority declares a benchmark significant.
  • 15 working days: period for observations on ESMA's draft designation decision.
  • 6 months: period to replace a benchmark under a public notice or publish a statement.
  • 6 months: duration of retained status for previously supervised administrators after entry into application.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union