The Danish FSA is the competent authority under the EU Benchmarks Regulation (BMR). The Danish FSA will conduct supervision of administrators, contributors and users according to the BMR.
Natural and legal persons located in Denmark that wish to be registered or authorised as administrators must apply to the Danish FSA.
1. Application for authorisation or registration
An administrator is defined in article 3(1)(6) of the BMR as a natural or legal person who has control over the provision of a benchmark. Administrators must apply for authorisation or registration.
The European Securities and Market Authority (ESMA) maintains a public register of the administrators who have been authorised or registered.
Whether you must apply for registration or authorisation depends on the benchmarks you provide and whether you are an entity under financial supervision or not, as shown below:
How to apply
Entities wishing to apply for authorisation or registration as a benchmark administrator must contact the Danish FSA before applying by emailing to post4@ftnet.dk.
The Danish FSA can then more specifically guide the applicant with respect to what information should be provided, formats etc.
The authorisation and registration procedures are described in article 34 of the BMR. The application should include the information listed in the delegated regulation to be adopted by the European Commission based on the RTS published by ESMA on 30 March 2017 (draft version).
The Danish FSA must issue a decision on authorisation requests within four months of receipt of a completed form, and on registration requests within forty-five days of receipt of a completed form.
Transition period
Article 51 of the Benchmarks Regulation sets out transitional provisions that enable entities located in the European Union and providing benchmarks at 30 June 2016 to apply for authorisation or registration no later than 1 January 2020.
Under the regime of the transitional provisions of the BMR, administrators are allowed to continue to provide benchmarks without authorisation or registration during the transitional period.
All applications for authorisation and registration from existing administrators must be submitted to the Danish FSA no later than 1 January 2020.
Natural and legal persons that are not covered by the transitional provisions must be authorised or registered before they operate as administrators.
You can read more regarding the transitional provisions in the Benchmarks Regulation and in ESMA’s Q&A document on transitional provisions.
2. Benchmarks provided in a third country
Before a benchmark provided by a benchmark administrator located in a third country may be used in a Member State one of the following three options must be applied:
- The European Commission may adopt an equivalence decision for the country of origin, pursuant to article 30 of the Benchmarks Regulation.
- An administrator may obtain prior recognition from the competent authority located in the European Union, pursuant to article 32 of the Benchmarks Regulation.
- The benchmark may be endorsed by an administrator located in the European Union by applying to the competent national authority for that administrator, pursuant to article 33 of the Benchmarks Regulation.
Transition period
Article 51 of the Benchmarks Regulation includes transitional provisions that allow third country benchmarks that are already in use in the European Union to continue to be used in new contracts, financial instruments and investment funds until 1 January 2020.
How to apply for endorsement
Entities wishing to apply for endorsement must contact the Danish FSA before applying by emailing to post4@ftnet.dk
The Danish FSA can then more specifically guide the applicant with respect to what information should be provided, formats etc.
3. Read more and contact
You can email any questions regarding the BMR to benchmark@ftnet.dk.
You can read more about endorsement, authorisation, registration and the BMR here: