Global Correspondence

GFMA, FIA, and ISDA Submit Joint Comments to the ESMA consultation on draft guidelines on non-significant benchmarks under the BMR

GFMA, FIA, and ISDA submitted a joint comment
letter to the ESMA consultation on draft guidelines on non-significant
benchmarks under the BMR. While supportive of the broad goals of the BMR to
provide a harmonized regulatory framework for non-significant benchmarks in the
EU, comments emphasized the need for greater proportionality in several aspects
of the draft guidelines. The trades recommended that ESMA should eliminate or
reduce some of the requirements of the draft guidelines, to achieve a more
proportionate, principles-based and balanced approach, particularly where the
draft guidelines covers obligations similar to those which are not applicable
to non-significant benchmark under the BMR.


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