AI Summary of Article 34 Authorisation and registration of an administrator
A natural or legal person established in the Union who acts or intends to act as an administrator must apply to the competent authority designated under Article 40 of the Member State where it is located or, in the cases in paragraph 1a, to ESMA. Authorisation is required where the administrator provides or intends to provide indices used or intended to be used as critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks. A supervised entity other than an administrator must register where it provides or intends to provide indices used or intended to be significant benchmarks, EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks, provided sectoral rules do not prevent the activity and none of the indices qualify as critical; paragraph 1a requires applications to ESMA where any index would qualify as a critical benchmark under Article 20(1)(a) or (c) or where the applicant simultaneously seeks ESMA endorsement under Article 33(1).
Authorised or registered administrators must comply at all times with the Regulation and notify the competent authority of material changes. Applications must be made within 30 working days of any agreement by a supervised entity to use an index or within the time limits in Article 24a(2) and (3). The applicant must provide all necessary information; the competent authority will assess completeness within 15 working days. Decisions on authorisation are to be adopted within four months of a complete application and on registration within 45 working days; decisions must be notified to the applicant within five working days and refusals must state reasons. The competent authority must notify ESMA of authorisations or registrations within five working days. ESMA shall develop draft regulatory technical standards on application information and submit them to the Commission by 1 April 2017, and the Commission may adopt those standards under the delegated procedure in Regulation (EU) No 1095/2010.
Article 34 Authorisation and registration of an administrator
1. A natural or legal person located in the Union that acts or intends to act as an administrator shall apply to the competent authority designated under Article 40 of the Member State in which that person is located or to ESMA in the cases referred to in paragraph 1a of this Article in order to receive:
(a) authorisation where it provides or intends to provide indices which are used or intended to be used as critical benchmarks, as significant benchmarks, as commodity benchmarks subject to Annex II, as EU Climate Transition Benchmarks or as EU Paris-aligned Benchmarks;
(b) registration where it is a supervised entity, other than an administrator, that provides or intends to provide indices which are used or intended to be used as significant benchmarks, as EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks, provided that the activity of provision of a benchmark is not prevented by the sectoral discipline applying to the supervised entity and that none of the indices provided would qualify as a critical benchmark.