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.

Guidelines, Recommendations, Questions and Answers

Guidelines published by ESMA and adopted by the CNMV

ESMA and CNMV statements

Questions and Answers

Supervisory convergence instruments

Consultation papers

Interesting documents

Administrators register

Oficial ESMA Registers

Benchmark administrators authorised or registered by CNMV

Climate and sustainability indexes