Database on German and European Economic Law

 Regulation (EU) No 2016/1011

I. Description

The integrity of benchmarks is critical to the pricing of many financial instruments, such as interest rate swaps, and commercial and non-commercial contracts, such as loans and mortgages, and risk management. Any risk of manipulation of benchmarks may undermine market confidence, cause significant losses to investors and distort the real economy.

The changes proposed by the Commission to its  market abuse and criminal sanctions proposals alone will not improve the way benchmarks are produced and used. EU regulation is necessary to improve the functioning and governance of benchmarks and to ensure that benchmarks produced and used in the EU are robust, reliable representative and fit for purpose and that they are not subject to manipulation.

The Regulation will contribute to the accuracy and integrity of benchmarks used in financial instruments and financial contracts by:

  • ensuring that benchmark administrators are subject to prior authorisation and on-going supervision depending on the type of benchmark (e.g. commodity or interest-rate benchmarks);
  • improving their governance (e.g. management of conflicts of interest) and requiring greater transparency of how a benchmark is produced;
  • ensuring the appropriate supervision of critical benchmarks, such as Euribor/Libor, the failure of which might create risks for many market participants and even for the functioning and integrity of markets of financial stability.

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II. General Information

Title

Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending directives 2008/48/EC and   2014/17/EU and regulation (EU) No 596/2014

Abbreviations
Benchmark Regulation
Status
Existing
Regulation
(EU) No 2016/1011
Source
O.J. EU No L (Legislation), Edition 171, Year 2016, p.1-65
Adoption
06/08/2016
Promulgation
06/29/2016
Character
Lamfalussy Framework Act
Implementation
Legal Basis
Art. 114 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text Benchmark Regulation:
Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending directives 2008/48/EC and   2014/17/EU and regulation (EU) No 596/2014

  (EU) No 2016/1011

Beschluss:
06/08/2016 (A)
Verkuendung:
06/29/2016 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
01/21/2014
Opinion of the European Economic and Social Committee
INT/718
01/07/2014
Opinion of the European Central Bank
ABL 2014/C 113/1
09/18/2013
Commission staff working paper
SWD(2013) 336 final
09/18/2013
Commission staff working paper
SWD(2013) 337 final (executive summary)
09/18/2013
Proposal
COM(2013) 641 final

3. Comments

Datum
Stellungnahme
Textfassungen
11/13/2013
Gesamtverband der Deutschen Versicherungswirtschaft (GDV)
Comment on: Kommissionsvorschlag
11/06/2013
Die Deutsche Kreditwirtschaft (DK)
Comment on: Kommissionsvorschlag

4. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Regulation (EU) No 596/2014
Amendment
  Directive 2014/17/EU
Amendment
  Directive 2008/48/EC

V. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
4. Legal Impact
IV. Implementing / Legislative Act (Level 2)
1. Implementation
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany