As a reminder, the Benchmark Regulation (Regulation (EU)
2016/1011) ("BMR") has been applicable
since 1 January 2018.
In a recent update of its Q&A on the BMR, ESMA has added new
questions and answers with respect to net asset values (NAVs) of
investment funds (UCITS and AIFs) and written continuity plans,
amongst other things.
According to ESMA, the NAVs of investment funds do not qualify
as indices or benchmarks within the meaning of BMR, but can be used
as input data of benchmarks. The BMR specifically refers to NAVs of
investment funds as potential input data for regulated-data
benchmarks. ESMA concludes that investment funds providing NAVs for
regulatory purposes should therefore be considered as potential
input for regulated-data benchmarks and not as providers of
benchmarks. If an investment fund acts as contributor of data of
one or more indices or benchmarks, it may be subject to the
requirements of the BMR which apply to contributors of input
data.
