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In force since 30/06/2016

Version from: 09/01/2024

Level 2 legal acts in relation to BMR

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Procedure 2013/0314/COD

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BMR Tool Benchmarks Regulation (BMR)

Benchmarks Regulation (BMR)

Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-3)Article 1 - Subject-matter Article 2 - Scope Q&A Article 3 - Definitions DAQ&A

TITLE II - BENCHMARK INTEGRITY AND RELIABILITY (Article 4-16)

CHAPTER 1 - Governance of and control by administrators (Article 4-10)Article 4 - Governance and conflict of interest requirements RTSGL Article 5 - Oversight function requirements RTSQ&AGL Article 6 - Control framework requirements GL Article 7 - Accountability framework requirements GL Article 8 - Record-keeping requirements GL Article 9 - Complaints-handling mechanism GL Article 10 - Outsourcing Q&AGL

CHAPTER 2 - Input data, methodology and reporting of infringements (Article 11-14)Article 11 - Input data RTSQ&AGL Article 12 - Methodology RTSQ&AGL Article 13 - Transparency of methodology RTSDAQ&AGL Article 14 - Reporting of infringements RTSGL

CHAPTER 3 - Code of conduct and requirements for contributors (Article 15-16)Article 15 - Code of conduct RTSQ&A Article 16 - Governance and control requirements for supervised contributors RTSQ&AGL

TITLE III - REQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS (Article 17-26)

CHAPTER 1 - Regulated-data benchmarks (Article 17)Article 17 - Regulated-data benchmarks Q&A

CHAPTER 2 - Interest rate benchmarks and spot foreign exchange benchmarks (Article 18-18a)Article 18 - Interest rate benchmarks Q&A Article 18a - Spot foreign exchange benchmarks Q&A

CHAPTER 3 - Commodity benchmarks (Article 19)Article 19 - Commodity benchmarks Q&A

CHAPTER 3A - EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (Article 19a-19d)Article 19a - EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks DAQ&A Article 19b - Requirements for EU Climate Transition Benchmarks Q&A Article 19c - Exclusions for EU Paris-aligned Benchmarks Q&A Article 19d - Endeavour to provide EU Climate Transition Benchmarks Q&A

CHAPTER 4 - Critical benchmarks (Article 20-23)Article 20 - Critical benchmarks DAIA Article 21 - Mandatory administration of a critical benchmark RTS Article 22 - Mitigation of market power of critical benchmark administrators Article 23 - Mandatory contribution to a critical benchmark

CHAPTER 4A - Statutory replacement of a benchmark (Article 23a-23c)Article 23a - Scope of the statutory replacement of a benchmark Article 23b - Replacement of a benchmark by Union law IA Article 23c - Replacement of a benchmark by national law

CHAPTER 5 - Significant benchmarks (Article 24-25)Article 24 - Significant benchmarks DAGL Article 25 - Exemptions from specific requirements for significant benchmarks ITSRTSQ&A

CHAPTER 6 - Non-significant benchmarks (Article 26)Article 26 - Non-significant benchmarks ITSRTSQ&AGL

TITLE IV - TRANSPARENCY AND CONSUMER PROTECTION (Article 27-28a)Article 27 - Benchmark statement RTSDAQ&A Article 28 - Changes to and cessation of a benchmark RTSQ&A Article 28a - Accessibility of information on the European single access point

TITLE V - USE OF BENCHMARKS IN THE UNION (Article 29-33)Article 29 - Use of a benchmark Q&A Article 30 - Equivalence RTSIA Article 31 - Withdrawal of registration of an administrator located in a third country Article 32 - Recognition of an administrator located in a third country ITSRTSDAQ&A Article 33 - Endorsement of benchmarks provided in a third country Q&A

TITLE VI - AUTHORISATION, REGISTRATION AND SUPERVISION OF ADMINISTRATORS (Article 34-48n)

CHAPTER 1 - Authorisation and registration (Article 34-36)Article 34 - Authorisation and registration of an administrator RTSDAQ&AGL Article 35 - Withdrawal or suspension of authorisation or registration Article 36 - Register of administrators and benchmarks ITSQ&A

CHAPTER 2 - Supervisory cooperation (Article 37-39)Article 37 - Delegation of tasks between competent authorities Article 38 - Disclosure of information from another Member State Article 39 - Cooperation on on-site inspections and investigations

CHAPTER 3 - Role of competent authorities (Article 40-48)Article 40 - Competent authorities Article 41 - Powers of competent authorities Article 42 - Administrative sanctions and other administrative measures Article 43 - Exercise of supervisory powers and imposition of sanctions Article 44 - Obligation to cooperate Article 45 - Publication of decisions Article 46 - Colleges DA Article 47 - Cooperation with ESMA ITS Article 48 - Professional secrecy

CHAPTER 4 - ESMA powers and competences (Article 48a-48n)

Section 1 - Competences and procedures (Article 48a-48d)Article 48a - Exercise of the powers by ESMA Article 48b - Request for information Article 48c - General investigations Article 48d - On-site inspections

Section 2 - Administrative sanctions and other administrative measures (Article 48e-48h)Article 48e - Supervisory measures by ESMA DA Article 48f - Fines DA Article 48g - Periodic penalty payments DA Article 48h - Disclosure, nature, enforcement and allocation of fines and periodic penalty payments DA

Section 3 - Procedures and review (Article 48i-48k)Article 48i - Procedural rules for taking supervisory measures and imposing fines DA Article 48j - Hearing of the persons subject to investigations DA Article 48k - Review by the Court of Justice DA

Section 4 - Fees and delegation (Article 48l-48n)Article 48l - Supervisory fees DA Article 48m - Delegation of tasks by ESMA to competent authorities Article 48n - Transition measures related to ESMA

TITLE VII - DELEGATED AND IMPLEMENTING ACTS (Article 49-50)Article 49 - Exercise of the delegation Article 50 - Committee procedure

TITLE VIII - TRANSITIONAL AND FINAL PROVISIONS (Article 51-59)Article 51 - Transitional provisions DAQ&A Article 52 - Deadline for updating the prospectuses and key information documents Article 53 - ESMA reviews Article 54 - Review DA Article 55 - Notification of benchmarks referenced and their administrators Article 56 - Amendments to Regulation (EU) No 596/2014 Article 57 - Amendments to Directive 2008/48/EC Article 58 - Amendments to Directive 2014/17/EU Article 59 - Entry into force

ANNEX I ANNEX II Q&A ANNEX III DA

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