Data management and regulatory technology specialist RIMES has launched a benchmark regulation (BMR) dashboard that tracks the regulatory indexing landscape for asset managers.
The RIMES RegFocusSM BMR dashboard enables asset managers to understand their exposure under the European Union’s BMR.
BMR was introduced with a two year transitioning period as of 1 January 2018 for any benchmark provider within the European Union.
It enforces benchmark providers to be registered with their local regulators to enable their clients, such as asset managers, to track the benchmark.
The RIMES BMR dashboard incorporates data and information sourced from the European Securities and Markets Authority (ESMA), national regulators and benchmark administrators to track the index landscape and generate reports for firms’ compliance needs.
It specifies what indices are permitted under BMR as well as offers administrators’ benchmark statements and related documentation.
The purpose of the dashboard is to collect all relevant information on indices to ensure they comply with BMR so asset managers can avoid any non-compliant issues which can warrant a fine as high as 10% of the firm’s annual income.
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Diarmuid O’Donovan, chief operating officer at RIMES, commented: “Despite BMR coming into effect from 1 January 2018, it is still a significant compliance headache for firms to identify which benchmarks have and haven’t been authorised for use in the EU.
"Our BMR Dashboard makes compliance accessible for asset management firms who are struggling with the in-house cost and resource required to manage compliance with the BMR effectively.”
Third country benchmark administrators, index providers based outside of the EU, have until 31 December 2021 to register with their regulators.
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