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Index regulation

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.


Index Governance, Policies and Procedures

MSCI Oversight and Governance Committees

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

 

MSCI indexes

MSCI Index - Oversight Committee

MSCI Index - Risk and Regulatory Committee

MSCI Equity Index Committee

 

MSCI real estate indexes

MSCI Real Estate Index - Oversight Committee

MSCI Real Estate Index - Risk and Regulatory Committee

MSCI Real Estate Index Committee

 

MSCI indexes and MSCI real estate indexes

MSCI – Index Policy Committee

 

How MSCI Manages Conflicts of Interest                                                           

Please see our statement here.

EU BENCHMARK REGULATION

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

Below you can find updates about our applications for authorization to become a regulated benchmark administrator in the EU.

Equity indexes: MSCI Limited (located and registered at Ten Bishops Square, 9th Floor, London E1 6EG, UK) is the administrator for all our MSCI equity indexes.  In October 2017, MSCI Limited submitted its application to the UK FCA (during the FCA’s pre-application period) to be authorized as an EU administrator for all of the MSCI equity indexes.*

Real estate indexes: Investment Property Databank Limited (located and registered at Ten Bishops Square, 9th Floor, London E1 6EG, UK) is the administrator for all of our IPD real estate indexes (including PAS benchmarks), and as an EU administrator, intends to use the transitional period afforded to EU administrators under the EU benchmark regulation. We will provide further updates on this website in due course.**

Should you have any questions, please contact MSCI Client Service.

 

 * Please note that the EU benchmark regulation affords the national competent authority a statutory review period of up to 4 months for authorization applications for non-regulated entities. For the period from January 1, 2018 until we are authorized, we intend to use the transitional period afforded to EU administrators under Article 51(1) of the EU benchmark regulation, which permits the use of our existing and new indexes in the EU (as clarified by ESMA’s guidance from July 5, 2017) for up to two years.
 

** For the period from January 1, 2018 until we are authorized, we intend to use the transitional period afforded to EU administrators under Article 51(1) of the EU benchmark regulation, which permits the use of our existing and new indexes in the EU (as clarified by ESMA’s guidance from July 5, 2017) for up to two years.

 

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.

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

As we are currently focused on the implementation of the EU Benchmark Regulation, we intend to continue relying on our compliance statements and assurance reports from 2016.

 

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:

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”
MSCI’s Responses to regulatory consultations

ASIC Consultation on Implementing the Financial Benchmark Regulatory Regime – Issued on July 17, 2017
>> MSCI Response

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

While we strive to provide superior 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 is representative of market 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 relating to our equity indexes must be emailed to EquityIndexComplaints@msci.com.

Formal index complaints relating to our real estate indexes must be emailed to RealEstateIndexComplaints@msci.com.

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 our real estate indexes, please contact the IPD Client Services team via realestate@msci.com.

Contact us

If you have further questions, contact a MSCI representative.

MSCI Index Methodologies

MSCI Real Estate Index Methodology

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