LexGo

Regulation amending the Benchmarks Regulation published
16/12/2019

Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 (the “Benchmarks Regulation”) as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures (the “Amending Regulation”) was published on 9 December 2019 in the Official Journal of the European Union. It also includes extension of certain transitional periods.

Please see below for more detail on the main amendments to the Benchmarks Regulation introduced by the Amending Regulation and first described in our newsflash published on 15 April 2019:

  • Introduction of new regimes for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks.

The two new regimes aim at creating reliable and easily recognisable labels for environmentally aware investors across the EU with the goal of promoting investments in environmentally responsible companies and environmentally friendly technologies. These new regimes should thus ultimately contribute to the implementation of the UN Paris Agreement on climate change and help to avoid greenwashing.
Together with the sustainability-related disclosures introduced for the broader financial services community by the Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‚Äźrelated disclosures in the financial services sector, published on the same day and described in a separate newsflash dated 12 December 2019, these new regimes are part of a broader action plan of the European Commission on sustainable finance specifically aiming to:
 

  • reorient capital flows towards sustainable investment in order to achieve sustainable and inclusive growth;
  • manage financial risks stemming from climate change, resource depletion, environmental degradation and social issues; and
  • foster transparency and long-termism in financial and economic activity.

 

  • Third country benchmarks – to allow time for a possible broader overhaul of the third country regime in the Benchmarks Regulation, which is currently part of a consultation issued by the European Commission on possible changes to the Benchmarks Regulation, transitional period for new use of non-compliant benchmarks issued by non-EU administrators has been extended to 31 December 2021.
     
  • Critical benchmarks – to allow time for an orderly transition away from interbank offered rates, explained in our newsflashes dated 19 July 2019 and 2 October 2019 and a short video, supervised entities will benefit from an extension of the transitional period for use of non-compliant benchmarks designated as critical benchmarks in accordance with the Benchmarks Regulation to 31 December 2021.

Zie ook : Arendt ( Mrs. Mich√®le Eisenhuth ,  Mr. Piotr Giemza-Popowski )

[+ http://www.arendt.com]

Mrs. Michèle Eisenhuth Mrs. Michèle Eisenhuth
Partner
michele.eisenhuth@arendt.com
Mr. Piotr Giemza-Popowski Mr. Piotr Giemza-Popowski
Counsel
piotr.giemza-popowski@arendt.com

Alle artikels Financieel recht

Laatste artikels Financieel recht

UCITS can no longer invest in loans
12/08/2020

The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS...

Read more

New bill of law allowing for issuance of dematerialised securities issued on the blockchain with ...
11/08/2020

On 27 July, the Luxembourg parliament published a new bill of law n° 7637 (the “Bill of Law”) that will am...

New bill of law allowing for issuance of dematerialised securities issued on the blockchain with central account keepers Read more

Issuance of dematerialised securities using blockchain technology ‚Äď New draft legislation publi...
31/07/2020

On 27 July 2020, the government has introduced a draft bill n°7637 in Parliament (the “Draft Bill”), ...

Read more

CSSF provides further guidance on money laundering indicators in the collective investment sector
28/07/2020

On 3 July 2020, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du Sect...

CSSF provides further guidance on money laundering indicators in the collective investment sector Read more

Laatste artikels van Mrs. Michèle Eisenhuth

UCITS can no longer invest in loans
12/08/2020

The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS...

Read more

New ESMA Guidelines on performance fees in UCITS and certain types of AIFs
15/04/2020

The Guidelines are applicable to all UCITS and have been extended to AIFMs which market AIFs to retail investors in accord...

Read more

UCITS KIID benchmark disclosures - the CSSF’s expectations
30/01/2020

The CSSF published a communication reminding UCITS management companies and self-managed UCITS to include the changes requ...

Read more

IBORs: EONIA to ‚ā¨STR transition started today
03/10/2019

The transition from the Euro OverNight Index Average ("EONIA") to a new interest rate based exclusively on actua...

Read more

Laatste artikels van Mr. Piotr Giemza-Popowski

UCITS KIID benchmark disclosures - the CSSF’s expectations
30/01/2020

The CSSF published a communication reminding UCITS management companies and self-managed UCITS to include the changes requ...

Read more

IBORs: EONIA to ‚ā¨STR transition started today
03/10/2019

The transition from the Euro OverNight Index Average ("EONIA") to a new interest rate based exclusively on actua...

Read more

Upcoming EU interbank offered rates (‚ÄúIBORs‚ÄĚ) transition
25/07/2019

The European Central Bank’s (“ECB”) working group on euro risk-free rates published earlier this week it...

Read more

Benchmarks Regulation: upcoming amendment
17/04/2019

The European Parliament has recently reached a political agreement with the European Council and European Commission regar...

Read more

LexGO Network