MLT FSA issued circular on the Benchmarks Regulation (BMR) – Update to the Information Gathered relating to the Use of Benchmarks, within scope of BMR.
Circular focuses on users of benchmarks falling within BMR Reg 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or measurement.
This includes users measuring the performance of investment funds, under BMR.
Action Required
MLT FSA requests all market participants, except insurance intermediaries, to complete and return a form (Benchmarks Return Template, Excel) setting out necessary details.
This includes user's exposure to the critical benchmarks and any other benchmarks currently in use, and this should be submitted to MLT FSA at email address given.
Entities that do not provide feedback by the timeframe provided by MLT FSA in the circular will be considered as non-users of Benchmarks for regulatory purposes.
Applies to all MFSA license holders on a cross-sectorial basis, particularly (but not limited to), credit institutions, financial institutions, and investment funds.
This includes undertaking for collective investment in transferable securities (UCITS), and Alternative Investment Funds (AIFs), and investment service providers.
Also includes, insurance undertakings, and market operators, amongst other entities.
Only entities making use of benchmarks as at Aug. 31, 2024 are required to respond to MLT FSA's information gathering exercise, hence NIL returns are not required.
Effectiveness
Information on the use of benchmarks is required as at Aug. 31, 2024.
This form, duly completed, is to be submitted via email no later than Sep. 20, 2024.
