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The Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds entered into force on 30 June 2016.

The Regulation is fully applicable from 1 January 2018. However, certain transitional provisions are foreseen:

  • Index providers providing a benchmark as of 30 June 2016 are allowed to apply for authorization or registration as an administrator until 1 January 2020.
  • Index providers may continue to provide an existing benchmark until 1 January 2020.

What is it?

The aim of a common regulatory framework on Benchmarks at the European Union level is to ensure that benchmarks are robust and appropriately used by market participants –administrators, contributors and end users-.

In order to ensure the accuracy, integrity and reliability of benchmarks the Regulation sets out requirements for:

  • Implementing governance arrangements to control conflicts of interest.
  • Improving the quality of input data and methodologies.
  • Ensuring transparency.

Consultation papers

Interesting documents

Administrators register

Oficial ESMA Registers

Benchmark administrators authorised or registered by CNMV

Activities

  • CNMV: Conference on the adaptation of interest rate benchmarks to the new European regulation on benchmarks (29/10/2019)
    • The CNMV is organizing this Conference with the aim to facilitate the knowledge and adaptation of financial institutions and other companies that use interest rate benchmarks in their financial and capital market transactions.
    • The Conference will include speeches and panel sessions by various speakers such as the chair of the CNMV, other CNMV's Board members, European Commission, European Central Bank, Bank of Spain and IOSCO representatives as well as industry associations and Spanish firms participating in the working group on euro risk-free rates.
    • Agenda of the Conference
    • When: 29 October 2019. From 9:30h to 14:00h.
    • Where: Assembly Hall of the Duques de Pastrana Complex. Paseo de la Habana, 208. 28036 Madrid.
    • Registration: If you are interested in attending, please send an email to cnmv-conferenciaindices@gaiacomunicacion.es specifying your name, ID, position and name of your company. Registrations will be accepted in strict order of receipt to cover the capacity of the auditorium.
  • ECB: Second roundtable on euro risk-free rates (25/09/2019)
  • ECB: Roundtable on euro risk-free rates, hosted by the European Central Bank (09/11/2018)
  • CNMV: Seminar/Workshop on the application of Benchmarks Regulation (22/06/2018)