European Benchmark Regulation
The European Union's Benchmarks Regulation's (EBMR) aims to address conflicts of interest, governance controls and related issues in the benchmark administration process. The substantive provisions applicable to S&P Global Commodity Insights became effective January 1, 2018, with a two-year transitional period applicable to existing benchmark providers ending January 1, 2020.
S&P Global Commodity Insights has actively engaged with European policymakers and regulators on the EBMR since 2012. As a result of the willingness of European policymakers and regulators to engage in a meaningful way with a wide range of stakeholders during the process, the Regulation takes a calibrated approach. Commodity benchmarks receive tailored treatment under Annex II of the EBMR. The substantive provisions of that Annex are consistent with and heavily influenced by the IOSCO PRA Principles.
S&P Global Commodity Insights has adhered to the IOSCO PRA Principles since 2013. This helps to ensure an internationally-consistent approach which minimizes market disruption while meeting regulatory objectives. As part of this, S&P Global Commodity Insights will continue to retain Ernst & Young, an independent audit firm, to conduct voluntary reasonable assurance reviews of its alignment to the PRA Principles.
The EBMR requires S&P Global Commodity Insights to obtain authorization by an EU National Competent Authority (NCA) to become a Benchmark Administrator. Commodity Insights has been approved by the AFM in the Netherlands.
We do not expect the EMBR to have a material impact on S&P Global Commodity Insights ability to provide its price assessments, news, and analytics for the global energy and commodity markets.
For more information, including which Commodity Insights benchmarks are in scope please click here. You can also contact PL_EBMR@spglobal.com
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