EFAMA welcomes the opportunity to provide comments to the ESMA Consultation Paper on the technical advice to the European Commission on the Benchmarks Regulation. EFAMA also welcomes a number of clarifications and improved points that ESMA is providing in its Consultation and draft Technical Advice since its previous Discussion Paper.

The EU asset management industry considers that a robust legal framework for Benchmarks is an important step for restoring market credibility and confidence in benchmarks and allowing a level playing field for all market participants.