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AGENDA Summary: Open Hearing on ESMA/EBA Consultation Paper on Principles for Benchmarks-Setting Processes in the EU

Overview

On 13 February 2013, an open hearing was held by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) regarding their consultation paper on Principles for Benchmarks-Setting Processes in the EU (ESMA/2013/12). The event took place in the Auditorium, level -1 of ESMA's headquarters located at 103 rue de Grenelle, 75007 Paris, between 14:30 and 17:30 hours.

Core Content

The open hearing aimed to gather public input on the proposed principles for benchmark-setting processes in the European Union. The consultation paper outlines the regulatory framework and guidelines for the establishment and maintenance of benchmarks, which are essential for financial markets. The discussion covered several key areas, including the definition and scope of benchmarks, the principles of good conduct for benchmark-setting processes, and legal continuity and contingency in benchmark governance.

Main Points and Structure

The hearing was structured into the following seven key sections:

1. Welcoming Remarks

   • The session began with welcoming remarks, setting the stage for the discussion and outlining the purpose of the open hearing.

2. General Comments

   • Participants were invited to provide general feedback on the consultation paper, including their views on the overall approach and potential implications for market participants.

3. Definitions and Scope

   • This section focused on clarifying the definition of benchmarks and the scope of the proposed principles. It emphasized the importance of transparency, reliability, and relevance of benchmarks in financial markets.

4. Principles of Good Conduct for Benchmark Setting Process and Actors

   • A detailed discussion on the principles that should guide the benchmark-setting process, including independence, integrity, and accountability of benchmark administrators and participants.
   • The principles also addressed the need for robust governance structures, risk management, and public oversight.

5. Legal Continuity/Contingency

   • This part explored the legal continuity of benchmarks in case of administrator failure or market disruption.
   • It highlighted the importance of contingency plans to ensure market stability and continuity of reference rates.

6. General Q&A Discussion

   • A question and answer session was conducted to address detailed concerns and clarifications from participants.
   • Topics included implementation challenges, regulatory oversight, and compliance with the proposed principles.

7. Conclusion

   • The session concluded with a summary of the key points raised, and the next steps for the ESMA and EBA in reviewing the feedback and finalizing the benchmarks-setting principles.

Key Information

• Purpose: To collect feedback on the proposed principles for benchmark-setting processes in the EU.
• Participants: Stakeholders from the financial sector, including market participants, regulators, and industry experts.
• Focus Areas:
  • Definition and scope of benchmarks
  • Principles of good conduct for benchmark-setting
  • Legal continuity and contingency planning
• Outcome: The hearing provided valuable insights and recommendations for improving the regulatory framework for benchmarks in the EU, which will be used in the finalization of the consultation paper.

Summary

The open hearing on the ESMA/EBA consultation paper on Principles for Benchmarks-Setting Processes in the EU was a key opportunity for stakeholders to engage with regulators and provide input on the proposed framework. The event covered a range of important topics, including the definition and scope of benchmarks, the principles of good conduct, and legal continuity in benchmark governance. The feedback received will be crucial in shaping the final regulatory guidelines for benchmark-setting in the EU, ensuring market stability, transparency, and trust in financial data.