Esma steer to European Commission on Benchmark Regulation is permissive

The technical standards published by the European Securities and Markets Authority (Esma) for its Benchmarks Regulation (BMR) last week were in line with what financial markets were expecting, although offered little clarity on the definitions that were mentioned in a November 2016 consultation paper. "Esma has tightened up the code of conduct for contributors," said Andrew Sulston ( pictured ), a partner at Allen & Overy in London. "It has focused on the use of discretion, and this concept