FESE recommends carrying out a comprehensive assessment of the suggested and possible policy changes: in particular, the concepts and frameworks relating to ‘strategic’ benchmarks and the opt-in regime need further clarification in order to properly assess their potential impact.
Pending this assessment and further explanation, FESE stresses that due respect for a ‘level playing field’ is imperative. It is essential that any proposed policy changes to the regime apply to both EU and non-EU benchmark administrators.
In addition, FESE points out that, if a framework for ‘strategic’ benchmarks is eventually introduced, its definition must be based on clear, objective and risk-based criteria, rather than qualitative factors. As for EU ESG labels falling within the scope of the BMR, these should be accessible to third country administrators, as long as they comply with the BMR’s ESG label requirements. FESE also underlines in its response that there are still a number of problems in the implementation of the BMR which should be addressed as soon as possible.