ESMA · ESMA_QA_750 Answer Published

Annual review of IOSCO principles for Oil Pricing Reporting Agencies (PRAs) (ESMA70-145-114_Q&A 7.6)

Name: Annual review of IOSCO principles for Oil Pricing Reporting Agencies (PRAs) (ESMA70-145-114_Q&A 7.6): ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: Benchmarks Regulation (BMR) - Regulation 2016/1011
Topic: Third-Country Regimes
Submitted: 2023-03-31
Answered: 2019-12-03

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Question

Is the annual review of IOSCO principles for PRAs sufficient for the purpose of paragraph 18 of Annex II of BMR?

Answer

The BMR introduces specific provisions for commodity benchmarks since such benchmarks are widely used and can have sector-specific characteristics. Pursuant to Article 19 of the BMR, for those commodity benchmarks applying Annex II of the BMR instead of Title II of BMR, ESMA considers that an annual review of IOSCO principles for PRAs by an independent external auditor is sufficient to ensure compliance with paragraph 18 of Annex II of BMR.

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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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