Regulatory & Governmental Affairs - Europanews - 06/2015
Highlight: Benchmarks for financial instruments
The approval by the permanent representatives of the Member States of the Draft Regulation on indices used as benchmarks in financial instruments and financial contracts gives green light to the Presidency of the Council to start negotiations with the European Parliament for the adoption of the Regulation.
The text agreed by the 28 Ambassadors on behalf of the Council aims to improve governance and controls on the benchmark process, enhance the quality of input data and methodologies, in order to avoid conflicts of interest and protect consumers and investors, also introducing a legally binding code of conduct for contributors of data.
Out of the scope of the regulation is the provision of benchmarks by central banks and for public policy purposes. For those administrators that do not comply with the regulation, the competent authority of the respective country may withdraw or suspend the authorisation.
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