Benchmark ESMA Q&A: Update May 2018

In the latest update of its Q&A on the Benchmark Regulation, ESMA clarifies its position as regards the need to include a reference in the prospectuses issued under the UCITS Directive (2009/65/EC) ("UCITS Prospectuses") and the prospectuses issued under the Prospectus Directive (2003/71/EC) ("Other Prospectuses") to the registration of administrators and benchmarks in the ESMA register of EU benchmark administrators and third country benchmarks ("ESMA Register").

1. For Prospectus approved on or after 1 January 2018 A reference to the fact that the administrator is listed in the ESMA Register should be added or, if the relevant administrator is not registered in the ESMA Register by the time a prospectus is published, the prospectus should include a statement to that effect.

In the latter case, once the relevant administrator is included in the ESMA Register:

UCITS Prospectuses should be updated at the first opportunity. Other Prospectuses are not, under the Benchmark Regulation, required to be systematically updated once the relevant administrator is included in the ESMA Register. However, this is without prejudice to the obligation provided in the Prospectus Directive for the...