The Cyprus Securities and Exchange Commission (CySEC) has issued Circular C515 drawing the attention to Benchmark Administrators that the European Securities and Markets Authority (ESMA), has published the Guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation.
The Guidelines are designed to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS) and to ensure the common, uniform and consistent application of the requirements related to material changes to the methodology, the use of an alternative methodology in exceptional circumstances and the oversight function.
The purpose of these guidelines is to amend the existing guidelines on non- significant benchmarks, in line with the new guidelines introduced for administrators of critical and significant benchmarks, with regard to the oversight function and the use of an alternative methodology in exceptional circumstances. The guidelines apply from 31 May 2022.
CySEC has adopted these Guidelines by incorporating them into its supervisory practices and regulatory approach.
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