ESMA · ESMA_QA_874 Answer Published

Templates in the benchmark statement and the methodology (ESMA 70-145-114 QAs on BMR Q&A 10.9)

Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011
Topic
Climate Benchmarks
Submitted
2021-05-28
Answered
2021-05-28
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Question

How can administrators comply with the requirement to clearly state whether they do or do not pursue ESG objectives pursuant to Article 1(5) of the Delegated Regulation (EU) 2020/1817?

Answer

Pursuant to Article 1(5) of the Delegated Regulation (EU) 2020/1817, benchmark administrators shall clearly state in the explanation provided whether they do or do not pursue ESG objectives. Under item 4 of the Annex of the Delegated Regulation (EU) 2020/1817, an administrator has to disclose whether the benchmark provided takes into account ESG factors, however, there is no identified field in the template for disclosing whether such benchmark pursues ESG objectives. Therefore, and in order to comply with Article 1(5) of the Delegated Regulation (EU) 2020/1817, administrators should disclose separately in the key elements of the methodology whether they do or do not pursue ESG objectives. For example, if the administrator does pursue ESG objectives, it should indicate this in the key elements of the methodology and should provide details on the different ESG objectives pursued in items 5 or 6 of the Annex of the Delegated Regulation (EU) 2020/1817.
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