Patrick Chamberlain - Goldman Sachs International
Patrick Simeon - Amundi
Bernard Agulhon - Amundi
Arendt and EFAMA are co-organising a webinar on the Benchmarks Regulation.
Main points to be covered in the first webinar:
- When is a fund, as a counterparty to a derivative transaction, deemed a ‘user’ under the Benchmarks Regulation?
- Exchange-traded vs. OTC derivatives and the case of Systematic Internalisers
- Asset managers investing in derivatives on main indices vs. bespoke/proprietary indices
1) Welcome note by EFAMA (Agathi Pafili)
2) Current legal framework (Piotr Giemza-Popowski, Arendt)
a) Determination of the amount payable under a financial instrument by reference to a benchmark (article 3(1)(7)(b) of the Benchmarks Regulation)
- Meaning of the “financial instrument”
- Meaning of the “benchmark”
- Holding of financial instruments referencing a benchmark not considered as use of the benchmark
b) European Securities and Markets Authority’s Q&A on the Benchmarks Regulation
- Supervised entities determining the amount payable under a financial instrument
- Financial instruments traded on a systematic internaliser
3. House view of expert speakers (Patrick Chamberlain, Goldman Sachs International; Patrick Simeon & Bernard Agulhon, Amundi)
- When is a fund determining the amount payable under a derivative
- Monitoring exposure to the different benchmarks
- Updates of the benchmarks’ list in prospectuses
- Ways of making a benchmark “private”
4. Panel discussion with the experts moderated by Arendt
5. Q&A session
6. Closing Remarks by EFAMA
This is the first of a 4-part webinar series on BMR that EFAMA is organising in cooperation with Arendt.
Please feel free to inform those of your colleagues who may be interested in following this webinar.
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