EBA欧洲银行-2013-658-ESMA-EBA-Principles-on-Benchmarks-Final-Report_45页_808kb

报告摘要

Final Report Summary: ESMA-EBA Principles for Benchmark-Setting Processes in the EU

Core Content

This report outlines the Final Principles for Benchmark-Setting Processes in the EU, developed by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA). These principles aim to establish a common framework for benchmark-setting activities in the EU, particularly in response to growing concerns over benchmark manipulation and the need for market integrity and transparency.

Although the principles are not legally binding, they serve as a transition path toward potential future regulatory obligations and are aligned with international standards, notably those proposed by IOSCO.

Main Views and Key Information

1. Reasons for Publication

Background: Increased public scrutiny and investigations into benchmark manipulation (e.g., LIBOR, Euribor) have highlighted risks to market integrity.
Objective: To provide a consistent and coordinated response to benchmark-related issues, especially in the absence of a formal regulatory framework.
Alignment: EBA and ESMA have worked closely with IOSCO and the European Commission to align the EU-level principles with international standards.

2. Scope of Principles

The principles apply to all benchmarks as defined, with the goal of ensuring equal treatment of all benchmark users and promoting investor protection.
There was mixed feedback on whether the scope should include all types of benchmarks (e.g., commodity, equity, proprietary), with some arguing for self-regulation in certain cases.

3. Definition of Benchmarks

The definition was revised to be more precise, aligning with IOSCO's standards.
The principles focus on transaction-based data where possible, but subjective estimates are also allowed if necessary, with the requirement that the benchmark should adequately represent the market it seeks to measure.

4. Benchmark Submitters

Submitters are defined as those who provide data exclusively for benchmark calculation.
A principle was introduced to discourage withdrawal from benchmark panels by Benchmark Administrators.
Submitters are required to share relevant data with the Benchmark Administrator for post-submission controls.

5. Conflicts of Interest

Conflicts of interest are a key concern, especially for panel-based benchmarks.
The principles now include management of conflicts where they cannot be avoided, and emphasize segregation of duties and transparency.
A threefold approach (avoid, manage, disclose) was suggested, but not fully adopted due to the high-level nature of the principles.

6. Transparency and Methodology

Transparency is emphasized, especially in methodology and data sources.
A notice period for methodology changes is recommended to allow for smooth transitions.
Historical data publication is encouraged to enhance transparency and trust.

7. Supervision and Oversight

Supervision is maintained, with a reference to EU Market Abuse Regulation.
Self-regulation was suggested as an alternative for certain benchmarks, but EBA and ESMA opted for a public oversight approach, particularly for panel-based benchmarks.

8. Contingency and Whistle-Blowing

Contingency provisions were added to ensure continuity of benchmarks.
Whistle-blowing mechanisms were considered, though some raised concerns about disproportionality for small firms.

Key Principles and Recommendations

A. General Framework for Benchmark Setting

Benchmarks should be governed by independent procedures.
The benchmark-setting process should reduce conflicts of interest and ensure transparency.
Methodology should be clear and subject to review.

B. Principles for Benchmark Submitters

Submitters must provide data exclusively for benchmark calculation.
Data sharing with the Benchmark Administrator is required for post-submission verification.
Conflicts of interest must be identified, disclosed, and monitored.

C. Principles for Benchmark Calculation Agents

Calculation agents must ensure quality and reliability of benchmark results.
They should use actual transaction data where possible and verifiable information in case of unavailability.

D. Principles for Benchmark Publishers

Publishers must ensure transparency in the publication of benchmarks.
They should notify stakeholders of methodology changes in advance.

E. Principles for Benchmark Users

Users are defined as professional clients under Directive 2004/39/EC.
A Stakeholder definition was added to enhance transparency and accountability.

F. Principles for the Continuity of Benchmarks

Contingency plans are required for all entities involved in the benchmark-setting process.
Legal continuity, revision, and review are emphasized, with a review planned 18 months after publication.

Next Steps

Review of Application: EBA and ESMA will review the principles 18 months after publication, and may adjust the timeframe if necessary.
Potential Revisions: The principles may be revised based on future EU regulations, market practice changes, or international standards.
Alignment with Global Standards: Ongoing coordination with IOSCO and European Commission is a priority to avoid regulatory fragmentation.

Conclusion

The Final Principles aim to enhance transparency, reduce manipulation risks, and ensure fair and reliable benchmark-setting across the EU. They provide a framework for industry collaboration, a transition path toward formal regulation, and alignment with international standards. The principles are not binding, but they are intended to guide good conduct, governance, and supervision in the benchmark-setting process.