In response to a European Commission consultation on the regime applicable to the use of benchmarks administered in a third country, the European Securities and Markets Authority (ESMA) proposed improvements to the EU regulatory and supervisory framework and benchmarks on Friday 19 August (see EUROPE B12715A8).
ESMA emphasised two points in particular: restrictions on the use of third country benchmarks and the creation of a new category of strategic benchmarks.
On the first point, ESMA...