ESMA_QA_857

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/857

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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: Benchmark

Subject Matter: Temporary disruptions to the provision of a benchmark in the context of Article 28(2) of the BMR (ESMA70-145-114 QAs on BMR Q&A 8.6)

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Question

Submission Date: 28 January 2022

Do temporary disruptions to the provision of a benchmark require supervised entities to initiate their written plans established for the event of cessation of a benchmark pursuant to Article 28(2) of the BMR?

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ESMA Answer

Answer Date: 28-01-2022

No A temporary disruption to the provision of a benchmark does not constitute by itself a cessation[1] of the benchmark. Therefore, in case of a temporary disruption of a benchmark, supervised entities are not required to initiate the written plans established pursuant to Article 28(2) of the BMR.

[1] For clarity, please note that the BMR uses interchangeably the terms ‘cessation’ (e.g. Articles 23b, 23c and 28 of the BMR) and ‘discontinuation’ (e.g. Recital 25 of Regulation (EU) 2019/2089); those terms are considered as synonyms for the purpose of the BMR.

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