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    Banking and Finance Law Daily Wrap Up, BANKING OPERATIONS—European banking association takes position on benchmark proposal, (Dec 6, 2013)

    By Andrew A. Turner, J.D.

    The European Savings Banks Group (ESBG) has published a Position Paper regarding the European Commission’s proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts. Within the paper, the ESBG sta ...

    By Andrew A. Turner, J.D.

    The European Savings Banks Group (ESBG) has published a Position Paper regarding the European Commission’s proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts. Within the paper, the ESBG states that it supports the creation of a common public framework with the aim of strengthening the quality and grounds of trust in indices widely used as benchmarks, while pointing out its areas of concern.

    ESBG believes that the scope of the regulation should correspond to the scope outlined in the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks published in July 2013. It should be applied proportionately to the size and risks posed by each benchmark and/ or Administrator and the benchmark-setting process, according to the position paper. A need for precise definitions in line with IOSCO principles and other European Union legislation was stressed by ESBG as essential “for clarity and the correct interpretation of the scope and application of the Regulation.”

    ESBG said that criteria for the mandatory participation by contributors to critical benchmarks administered in the European Union should be established by ESMA as soon as possible. In the meantime, the regulator should establish a crisis management procedure to cover the case where critical benchmarks are not in a position to produce a reference rate because of a lack of liquidity in some or all market tenors.

    Suitability rules. The regulation, ESBG emphasized, should not introduce any new assessment of suitability rules. The ESBG position is that the interests of consumers are already well covered under the EU Consumer Credit Directive and the Directive on credit agreements related to residential property as well as the Markets in Financial Instruments Directive.

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