ESMA_QA_854
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/854
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: Readily available data
Question
Submission Date: 26 June 2022
What does “readily available” data according to Article 3(1)(8) of the BMR mean? What is the difference with the other types of input data such as regulated data?
ESMA Answer
Answer Date: 23-06-2022
Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation Input data is defined in Article 3(1)(14) BMR as the data in respect of the value of one or more underlying assets, or prices, including estimated prices, quotes, committed quotes or other values, used by an administrator to determine a benchmark. The concept of readily available data is not defined in the BMR. The BMR states only that the data is either contributed to the administrator for the purposes of determining a benchmark or it is readily available. Whether input data is contributed or is readily available has no bearing on the administrator’s responsibility as defined in Title II of the BMR. At the same time, the BMR accepts that it cannot impose rules (e.g., code of conduct by a benchmark administrator) on data sources that simply publish data which are later used to piece together a benchmark. The summary table below sets out the consequences of this categorisation of input data. Summary table
Types of input data
Readily available data
Contribution of input data
Regulated data
Non regulated data
Not provided to an administrator for the purpose of determination of a benchmark
Provided to an administrator for the purpose of determination of a benchmark
Provided to an administrator for the purpose of determination of a benchmark
Contributed entirely and directly from the entities listed in Article 3(1)(24)
Exemptions applicable to the benchmark
Readily available data
Regulated data
Non regulated data
Article 11(1)(d) and (e), (2) (a) and (b) and (3) - Input data Article 15 – code of conduct for contributors Article 16 – governance and control requirements for supervised contributors
Article 8(1)(a) –record keeping of all input data Article 11(1)(d) and (e), (2) (a) and (b) and (3) - Input data Article 14(1) and (2) – integrity of input data, and detection and reporting of manipulation or attempted manipulation Article 15 – code of conduct for contributors Article 16 – governance and control requirements for supervised contributors
None - other exemptions may apply depending on the type of the benchmark (interest rate, commodity, significant or non-significant)
Examples
Transaction data made publicly available (for example by a DRSP) MMSR data provided to the ECB which is used to calculate €STR Data collected and published by a central bank or other public authority as part of normal regulatory data-gathering Transaction data sourced from a non-EU trading platform with no equivalence decision, not provided to an administrator for the purpose of determination of the benchmark
Transaction data sourced directly from an EU trading platform or data service provider Transaction data provided by a TV on a real time basis
Input data contributed to commodity benchmark administrators or an administrator of an interest rate benchmark Transaction data sourced from a non-EU trading platform with no equivalence decision, provided to an administrator for the purpose of determination of the benchmark
Disclaimer: The answer clarifies provisions already contained in the applicable legislation. It does not extend in any way the rights and obligations deriving from such legislation nor does it introduce any additional requirements for the concerned operators and competent authorities. The answer is merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.
This document was automatically extracted from the ESMA EMIR Q&A database.