Fund specific benchmark meaning

Asset Management & Investment Funds: EU & International Developments–June 2025 Amendment to EU Benchmarks Regulation Regulation (EU) 2025/914, which updates the EU Benchmarks Regulation (BMR), has now appeared in the EU’s Official Journal. Its clear purpose is to lighten compliance obligations for smaller EU benchmark administrators. It took effect on 8 June, while the specific amendments will apply from 1 January 2026 thereafter. By narrowing the scope, the changes ensure, in practice, that only UCITS management companies, UCITS funds and AIFs relying on critical or significant benchmarks (as defined), certain commodity benchmarks, EU climate transition benchmarks, or EU Paris-aligned benchmarks must comply with the BMR’s benchmark user requirements. IOSCO report and guidance on liquidity risk management for collective investment schemes The International Organization of Securities Commissions (IOSCO) has publicly issued its Final Report setting out Revised Recommendations on liquidity risk management for collective investment schemes, alongside Guidance for open-ended funds to support effective implementation. The recommendations and the guidance are intended to be read closely in...

This Practice Note traces differences between European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR) and Assimilated Regulation (EU) 648/2012 (UK EMIR). How to use this Practice Note Use this Practice Note as a navigational aid when reviewing Assimilated Regulation (EU) 648/2012 (UK EMIR), by comparing it with the parallel provisions in Regulation (EU) 648/2012 (EU EMIR). Set out below are links to all Articles and Annexes in UK EMIR and EU EMIR respectively. Each section provides: the relevant Articles and Annexes as they currently stand, including: the latest changes made, when they were made, and details of the implementing/amending/repealing legislation proposed reforms to specified Articles a brief summary of points of divergence (ie how the relevant Article or Annex has evolved in the UK and/or the EU since 31 December 2020, being the end of the Brexit transition period) The degree of variance between the regimes is signposted as...

EU Benchmarks Regulation—background and purpose Benchmarks underpin pricing for a wide array of financial instruments and for both commercial and non-commercial agreements. After revelations of manipulation affecting certain benchmarks, including the London Interbank Offered Rate (LIBOR), confidence in benchmark integrity was severely shaken. Regulators launched investigations and took enforcement action across multiple benchmarks. Against this backdrop, on 18 September 2013 the Commission tabled a draft Regulation on indices employed as benchmarks in financial instruments and financial contracts. Regulation (EU) 2016/1011 (the EU Benchmarks Regulation) appeared in the Official Journal of the EU on 29 June 2016 and took effect on 30 June 2016. Its objectives are to safeguard investors and restore trust in indices used as benchmarks in financial instruments and financial contracts, and in the assessment of investment fund performance and the methodology for setting benchmarks. The Regulation also targets greater transparency across all elements of benchmark activity, enabling benchmark users to take optimal economic decisions. Regulation (EU) 2019/2089 (the EU Low Carbon Benchmarks Regulation) was published...