Benchmarks: the AMF will apply ESMA Guidelines

These Guidelines will apply from 31 May 2022

Published by ESMA on 7 December 2021, these guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation will apply from 31 May 2022. These Guidelines concern administrators of critical or significant benchmarks (guidelines on methodology, oversight function and record keeping) as well as other administrators of non-significant benchmarks with regard to the guidelines on the methodology to be used in exceptional circumstances and the guidelines on oversight function.  

The Guidelines aim at, among other things, ensuring administrators have a common and uniform understanding of the requirements related to the methodology for use in exceptional circumstances, in case of material changes to the methodology, as well as with regard to requirements on oversight function and record keeping.

Details concerning the ESMA guidelines

ESMA guidelines provide clarification notably on the following elements:

• details of any methodology to be used in exceptional circumstances ;
• material changes to the methodology ;
• oversight function ;
• record keeping requirements.

The existing Guidelines ESMA70-145-1209 published on 20 December 2018 on non-significant benchmarks under the Benchmarks Regulation are amended in order to provide clarification with regard to the methodology in case of exceptional circumstances and with regard to the oversight function.