Implementation Of Benchmark Regulation

The Benchmark Regulation (Regulation (EU) 2016/1011) has recently been supplemented in Luxembourg by the publication of an implementing law on 19 April 2018 ("Benchmark Law").

The Benchmark Law designates the CSSF (Commission de Surveillance du Secteur Financier) as competent authority in Luxembourg to ensure compliance with the Benchmark Regulation by administrators.

The CSSF is also competent (i) when Luxembourg is the Member State of reference of an administrator located in a third country, and (ii) when an administrator or a regulated entity established in Luxembourg requests the endorsement of a benchmark or a family of benchmarks provided in a third country.

In addition, the CSSF and the CAA (Commissariat Aux Assurances) are also designated as competent authorities to ensure compliance with the Benchmark Regulation by the entities which are listed in Article 4.1 (17), letters a) to l) of the Benchmark Regulation ("Supervised Entities") and which fall under their supervision. UCITS management companies ("UCITS ManCos") and alternative investment fund managers ("AIFMs") are included in the list of Supervised Entities.

According to the Benchmark Law, specific investigation powers are granted to the CSSF and the CAA. Details on administrative...