ISDA, along with the Association for Financial Markets in Europe, the European Federation of Energy Traders, the Association of European Energy Exchanges and the Futures Industry Association, sent a joint letter to the European Commission’s Executive Vice-President Valdis Dombrovskis and the European Securities and Markets Authority’s (ESMA) Chairman Steven Maijoor to express their concerns in relation to the requirement for benchmark administrators to comply with additional obligations set out in the Low Carbon Benchmarks Regulation.

The letter requests ESMA to consider publishing guidance to national competent authorities, setting out its expectation that they will not prioritize their supervisory actions in relation to implementation of the obligations under the Low Carbon Benchmarks Regulation until the level 2 measures have been finalized and administrators have had the opportunity to implement the level 2 measures.