Index Regulations Intro


MSCI Responses to Regulatory Consultations

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.

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Index Governance, Policies and Procedures

MSCI provides overall oversight and governance for its indexes through committee’s structure. Each of these committees has a Terms of Reference:


How MSCI Manages Conflicts of Interest

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MSCI Real Estate Data Provider Code of Conduct

Code of Conduct

IOSCO Principles for Financial Benchmarks

Benchmark Regulations

Benchmark Regulations

MSCI has been committed to high standards in benchmark administration long before the EU benchmark regulation was enacted, as evidenced through our long history as a respected benchmark provider and our adoption of the IOSCO Principles for Financial Benchmarks (described below). We fully support the aims of the EU and UK benchmark regulation and have been an active contributor to the development of the benchmark regulation from the outset.

Specific Regulations

United Kingdom (UK) Benchmark Regulation


European Union (EU) Benchmark Regulation

  • Status as a regulated benchmark administrator under EU and UK benchmark regulation
  • Brexit




MSCI Private Real Estate Indexes

MSCI Private Real Estate Indexes – Permissioning process for UK BMR and EU BMR regulated uses

Because contributors to MSCI Private Real Estate Indexes may be supervised contributors and regulated directly under the UK BMR and EU BMR, MSCI requires that all UK BMR and EU BMR regulated uses of MSCI Private Real Estate Indexes are expressly permissioned by MSCI through the formal process explained below. MSCI has also restricted potential UK BMR and EU BMR regulated use to the Total Return, Income Return and Capital Growth measures as well as Index Weights for the following indexes in the UK market:

  • the MSCI/AREF UK Quarterly Property Fund Index
  • the MSCI UK Annual Property Index
  • the MSCI UK Quarterly Property Index
  • the indexes with frozen history created from the same index universes as the indexes above that a licensed client requests for a UK BMR and EU BMR regulated use (such use subject to MSCI’s permission in each instance).

To apply for permission, MSCI clients are required to download the MSCI Private Real Estate Index Application for EU BMR Regulated Use form and send the completed form to If, after reviewing the application, MSCI approves the MSCI Private Real Estate Index for a UK BMR and EU BMR regulated use, the MSCI client will be required to sign the permission letter. MSCI will not accept, or reply to, any requests from parties that are not MSCI clients for the relevant MSCI Private Real Estate Indexes.

Use of any MSCI Private Real Assets Indexes, including any MSCI Private Real Estate Indexes, for UK BMR or EU BMR regulated uses outside this MSCI permission process is strictly prohibited.

Other Regulations

Other Regulations

Other Regulations tabs

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


CSRC Guidelines on Index Funds

  • CSRC Guidelines on Index Funds (Client Service contact)




As required by Article 37 and/or Article 38 of the Markets in Financial Instruments Regulation (“MiFIR”), MSCI makes available the following licenses of MSCI indexes to certain central counterparties (CCPs) and trading venues (as defined by MiFIR):

Trading and Clearing Licence is required for CCPs and trading venues to list, trade and clear futures and options based on MSCI indexes.
CCPs and trading venues wishing to exercise their access rights under MiFIR are required to complete the request form.


ESMA Guidelines

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.

Index constituents information as per ESMA Guidelines can be found here.


Formal Index Complaints

Formal Index Complaints

While we strive to provide quality products and services, if you have a formal index complaint regarding our index products, please follow the procedure as outlined below. Formal index complaints include complaints regarding whether a specific index appropriately represents the market, segment or strategy it seeks to measure, complaints regarding a proposed change to the index determination process, complaints regarding an application of the methodology in relation to a specific index determination, and complaints regarding other decisions in relation to the index determination process.

Formal index complaints must be submitted through the web form found here.

MSCI’s formal index complaints 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. For general questions about MSCI Private Real Assets Indexes, please contact the MSCI Real Estate Client Services team via

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