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Regulation (EU) No 2016/1011

 

I. 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
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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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   Regulation (EU) Nr. 2016/1368
Legal Basis Art. 114 AEUV
Legislative Procedure Codecision procedure
 

II. Rahmenrechtsakt (Level 1)

 

1. Versions

  (EU) No 2016/1011
    06/08/2016 (A)
    06/29/2016 (P)

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

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(A) Adoption | (P) Promulgation
 

2. Reformvorhaben

  Proposal

Amended proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation  (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority); Regulation  (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority); Regulation  (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority); Regulation  (EU) No 345/2013 on European venture capital funds; Regulation  (EU) No 346/2013 on European social entrepreneurship funds; Regulation  (EU) No 600/2014 on markets in financial instruments; Regulation (EU) 2015/760 on European long-term investment funds; Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds; Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and (EU) Directive 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing

Amendment Regulation (EU) Nr. 2016/1011
(A) Adoption | (P) Promulgation
 

3. Legislative History

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

11/06/2013 Die Deutsche Kreditwirtschaft (DK)
Comment on: Kommissionsvorschlag
PDF-Datei
11/13/2013 Gesamtverband der Deutschen Versicherungswirtschaft (GDV)
Comment on: Kommissionsvorschlag
PDF-Datei
 

5. Legal Impact

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

III. Implementing / Legislative Act (Level 2)

 

1. Implementation

  (EU) No 2016/1368
    08/11/2016 (A)
    08/12/2016 (P)

Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council

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IV. CESR / ESMA Announcements (Level 3)

05/2018

Q&A On the Benchmarks Regulation ( BM R )

ESMA/70-145-11  
 

V. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

06/23/2017 (A)
06/24/2017 (P)

 Zweites Gesetz zur Novellierung von Finanzmarktvorschriften auf Grund europäischer Rechtsakte

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(A) Adoption | (P) Promulgation
Language:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

Legende

Hyperlink int./ext. Verlinkung
Externer Link Externer Hyperlink
Status des Rechtsaktes
Aufgehoben Aufgehoben
Vorhaben Vorhaben
Inkraft Inkraft
Unbekannt Unbekannt
Dokumente
Deutsch Deutsche Fassung
Englisch Englische Fassung
Französisch Franz. Fassung
PDF-Datei Sonstige PDF-Datei
Dokument Sonstiges Dokument
Externer Link Externes Dokument

Overview

I. General Information
II. Rahmenrechtsakt (Level 1)
1. Versions
2. Reformvorhaben
3. Legislative History
4. Comments
5. Legal Impact
III. Implementing / Legislative Act (Level 2)
1. Implementation
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany

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