ESMA_QA_731

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/731

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Regulatory Context

Regulation : BMR

Level 1 Regulation: Benchmarks Regulation (BMR) - Regulation 2016/1011

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Benchmarks Regulation

Subject Matter: Definition of a benchmark in relation to investment funds (ESMA70-145-114 Q&A_5.6)

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Question

Submission Date: 29 March 2023

Does the use of a benchmark to measure the performance of an investment fund include the sole mentioning of an index as a comparison?

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ESMA Answer

Answer Date: 05-02-2018

No. ESMA considers that indices referenced in the documentation of an investment fund solely to compare the performance of the investment fund should not be included in the scope of this definition, where no investment constraint on the asset allocation of the portfolio is established in relation to the index. This is without prejudice to other European or national rules governing the mentioning of indices in fund documentation.

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This document was automatically extracted from the ESMA EMIR Q&A database.