Authors: Raza Naeem, Vanessa Havard-Williams, Leanne Banfield

EU - Delegated Acts under the Low Carbon Benchmarks Regulation adopted by the European Commission

The Low Carbon Benchmarks Regulation required all administrators of Benchmarks (other than interest rate and FX) to comply with new requirements to disclose ESG factors in their methodology documents and benchmark statements. ESMA issued a no action letter encouraging national competent authorities not to enforce these Level 1 requirements until the delegated acts are finalised. These delegated acts (largely unchanged from the drafts) were adopted by the European Commission on 17 July 2020 and sent to the European Parliament and Council for a three month objection period.