ESMA and FMA sign MoU on benchmarks

The European Securities Markets Authority and the New Zealand Financial Markets Authority (FMA) have published a Memorandum of Understanding (MoU) establishing cooperation arrangements under the Benchmarks Regulation (BMR). This follows Implementing Decision (EU) 2025/2197, published in the Official Journal of the European Union in October, which grants equivalence to New Zealand's legal and supervisory framework for benchmarks. The MoU sets out mechanisms for the exchange of information, including prompt notifications of breaches and with procedures concerning the coordination of supervisory activities, including on-site inspections in exceptional cases. While ESMA does not have direct supervisory powers over New Zealand administrators, it relies on the FMA's enforcement capabilities and commits to ongoing cooperation to ensure compliance with BMR-equivalent standards.

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