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Various regulatory bodies and other organizations have turned their attention to the provision and use of benchmarks. MSCI has been actively monitoring these developments and engaging in dialogue with the relevant parties.

ESMA Guidelines on ETFs and Other UCITS Issues

For a copy of the MSCI Equity Index policy document on the ESMA Guidelines on ETFs and Other UCITS Issues, please contact MSCI Client Service.
 

United States IRS 871(M) Regulations Relating to the Definition of a “Qualified Index”

In response to feedback from numerous market participants, MSCI has decided to provide information regarding select indexes to help facilitate MSCI’s clients’ determination whether an index qualifies as a “Qualified Index” under Section 871(m) of the Internal Revenue Code.

MSCI Equity Index Policy regarding United States Irs 871(M) regulations relating to the definition of a “Qualified Index”
 

IOSCO Principles for Financial Benchmarks

MSCI has a long history of defining and adopting best practice with respect to its index policies and procedures, and we support the aims of the IOSCO Principles for Financial Benchmarks.

The International Organization of Securities Commissions (IOSCO) is an association of organisations that regulate the world’s securities and futures markets. In order to promote transparency, IOSCO published some principles for financial benchmarks in July 2013, calling upon benchmark administrators to disclose their compliance within 12 months of that date.

MSCI has engaged PricewaterhouseCoopers LLP to undertake an independent reasonable assurance review of MSCI's implementation of the IOSCO Principles for Financial Benchmarks. Reasonable assurance is a higher level of assurance than limited assurance, and copies of the assurance reports can be viewed below:

Assurance Report - MSCI Equity Indexes
Assurance Report - MSCI's IPD Indexes and Benchmarks
 

Data submitters to IPD indexes

We ask data submitters to adhere to our Data Submitter Code of Conduct so that the data submission processes for assets included in the IPD indexes and benchmarks are in line with the IOSCO Principles and best practices.

For further information and if you provide data to us, please read the documents below:

 

MSCI’s Responses to regulatory consultations

ESMA Consultation Paper on draft technical standards under the Benchmarks Regulation (BR)- ESMA /2016/ 1406, Issued on September 29, 2016

>> MSCI responses
 
Other MSCI Responses to Regulatory Consultations

ESMA Consultation Paper on draft implementing measures for Benchmarks Regulation (BR)- ESMA /2016/ 723, Issued on May 27, 2016
>> MSCI responses

CFR Consultation Paper on  Financial Benchmarks Regulatory Reform –Issued on March 31, 2016
>> MSCI responses

ESMA Discussion Paper on Benchmark Regulation – ESMA /2016/288, Issued on February 15, 2016
>> MSCI response

SEC Proposed Rule – Investment Company Reporting Modernization (Release No.33-9776) - File No.: S7- 08- 1, issued on May 20, 2015 >> MSCI response

FCA Consultation Paper – CP15/18 on Fair, Reasonable and Non-discriminatory access to regulated benchmarks, issued on June 3, 2015 >>MSCI Responses

ESMA Consultation Paper on draft Regulatory & Implementing Technical Standards (RTS/ITS) for  implementation of MiFID II/MiFIR,  issued on December  19, 2014 >> MSCI Response

ESMA Consultation Paper on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation, issued on September 29, 2014 >> MSCI Response

MAS Consultation Paper on Amendments to SFA on Regulation of Financial Benchmarks, issued on July 29, 2014 >> MSCI Response

ESMA Consultation Paper on MiFID/MiFIR, issued on May 22, 2014  >> MSCI Annex to Response 2
ESMA Consultation Paper on Principles for Benchmark-Setting Processes in the EU, issued January 11, 2013 >>MSCI response >>IPD response
IOSCO Financial Benchmarks Consultation Report, issued January 11, 2013 >> MSCI and IPD Response to IOSCO Principles Financial Benchmarks. IPD Consultation Response OICU-IOSCO
EU Commission Consultation Document on the Regulation of Indices, issued September 5, 2012 >> MSCI response

Formal Index Complaints

The IOSCO Principles for Financial Benchmarks recommend that benchmark administrators establish and publish a formal procedure for formal indexes complaints.

Formal index complaints relating to MSCI Equity Indexes must be sent to EquityIndexComplaints@msci.com and MSCI's policy can be found here. For the avoidance of doubt, this process covers formal index complaints only. For general questions about our equity indexes, please contact MSCI Client Service.

Formal index complaints relating to IPD indexes must be sent to realestateindexcomplaints@msci.com and IPD's policy can be found here. For the avoidance of doubt, this process covers formal index complaints only. If you have any other questions or comments regarding Real Estate services, please contact the IPD Client Services team via realestate@msci.com.


Contact us

If you have further questions, contact a MSCI representative.

Oversight Committees for MSCI equity indexes

The Risk and Regulatory Committee (“RRC”), the Equity Index Committee (“EIC”), the Index Policy Committee (“IPC”) are the three main committees MSCI uses.

MSCI REAL ESTATE INDEX OVERSIGHT COMMITTEES

The Risk and Regulatory Committee (“RRC”), the Real Estate Index Committee (“REIC”), the Index Policy Committee (“IPC”) are the three main committees that provide additional oversight and governance for the production of real estate indexes.

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