The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.

Key Points:

..The draft RTS contain new guidance that makes clear who is responsible for which decisions in relation to benchmark administration, including extending these responsibilities to general management.

..The draft RTS also include further explanation on the requirement for back-testing, to ensure that benchmarks are traceable and verifiable.

..Additional direction is provided on the continuous monitoring and surveillance obligations which have to date been subject to market divergence.

..The draft RTS reiterate that less onerous obligations apply for administrators of non-significant benchmarks; however, they do not appear to provide any further guidance on how this applies.