EU-konsultasjon om produksjon og bruk av indekser i finansielle og andre kontrakter

EU-konsultasjon om produksjon og bruk av indekser i finansielle og andre kontrakter

Consultation on a Possible Framework for the Regulation of the Production and Use of Indices serving as Benchmarks in Financial and other Contracts

Høringsuttalelser offentliggjort av Kommisjonen 8.2.2013

Nærmere omtale

BAKGRUNN - I (fra Kommisjonens pressemelding 8.2.2013, engelsk utgave)

Commission publishes summary results of public consultation on benchmarks
The Commission has published today on its website a summary of contributions to the public consultation on benchmarks which was launched in September 2012 and closed at the end of November 2012 (see IP/12/939). A total of 84 contributions were received of which 75 were non-confidential and have been published. Respondents cover a wide range of stakeholders including: national financial authorities; securities regulators; exchanges; banks; investment funds; associations; academics and citizens. There was a fair degree of consistency in the responses regarding the need to re-establish confidence in benchmarks which have been shown to be susceptible to potential manipulation. However, opinions differ as to the form this regulation should take, and to whom it should apply. Consultation respondents agree on the need for high governance and transparency standards for benchmarks providers and contributors, on recognising the fact that conflicts of interest exist, both in the production of and submissions to diverse benchmarks, and that these should be managed or removed. Most responses to the consultation also point to potential continuity and regulatory arbitrage issues in case regulatory initiatives on the reform of benchmark setting process are not properly calibrated and coordinated and support global coordination on benchmark reform.

BAKGRUNN - II (fra Kommisjonens pressemelding 5.9.2012, engelsk utgave)

Consultation on benchmarks and market indices launched following LIBOR manipulation
Following the recent manipulation of LIBOR, the Commission has today launched a consultation inviting stakeholders to comment on possible new rules for the production and use of indices serving as benchmarks in financial and other contracts.

Commissioner for Internal Market and Services Michel Barnier said: "The international investigations underway into the manipulation of LIBOR have revealed yet another example of unacceptable behaviour by banks. Doubts about the accuracy and integrity of indices can undermine market confidence, cause significant losses to consumers and investors, and distort the real economy. It is therefore essential that steps are taken to ensure the integrity of benchmarks and the benchmark-setting process. The Commission has already acted quickly to amend its legislative proposals on market abuse (see IP/12/846). However, changing the sanctions regime alone may not be sufficient: wider work is required to regulate how indices and benchmarks are compiled, produced and used."

The consultation is wide-ranging: it covers all benchmarks, not just interest rate benchmarks such as LIBOR but also commodities and real estate price indices for example and it seeks to identify possible shortcomings at every stage in the production and use of benchmarks.

The ultimate objective is to ensure the integrity of benchmarks. All options are on the table but any solution should guarantee that benchmarks are not subject to conflicts of interest, reflect the economic reality that they are intended to measure and are used appropriately.

Background
The consultation paper comprises 5 chapters covering:

- the scope, process and nature of indices and benchmarks

- governance and transparency in the use of actual transaction data

- the purpose and use of benchmarks

- the provision of benchmarks by private or public bodies, and

- the impact of potential regulation, including transition, continuity and international uses issues.

The consultation will run until 15 November.