Updated 15/01/2025
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BMR ToolDelegated Regulation 2018/64
Article 4

Article 4 - Significant and adverse impact on consumers

Article 4

Significant and adverse impact on consumers

Competent authorities shall assess whether there is a significant and adverse impact on consumers in accordance with the following criteria:

(a)

with reference to financial instruments and investment funds offered to consumers:

(i)

the value of the financial instruments and investment funds referencing the benchmark, either directly or indirectly within a combination of benchmarks, sold to retail consumers in the Member States in question, both in absolute terms and relative to the total value of financial instruments and investment funds sold to retail investors in those Member States;

(ii)

an estimate of the number of consumers who have bought financial instruments and investment funds referencing the benchmark, either directly or indirectly within a combination of benchmarks, in the Member States in question, both in absolute terms and relative to the total population in those Member States;

(b)

with reference to institutions for occupational retirement provision:

(i)

the value of the pension schemes referencing the benchmark which are operated by institutions for occupational retirement provision in the Member States in question, both in absolute terms and relative to the total value of the pension schemes operated by institutions for occupational retirement provision in those Member States;

(ii)

an estimate of the number of consumers participating in institutions for occupational retirement provision operating pension schemes referencing the benchmark in the Member States in question, both in absolute terms and relative to the total population in those Member States;

(iii)

an assessment of the importance of the institutions for occupational retirement provision operating pension schemes referencing the benchmark for the retirement income of citizens of the Member States;

(c)

with reference to credit agreements for consumers:

(i)

the value of credit agreements for consumers referencing the benchmark in the Member States in question, both in absolute terms and relative to the total value of the credit agreements for consumers in those Member States;

(ii)

an estimate of the number of consumers that have subscribed credit agreements for consumers referencing the benchmark in the Member States in question, both in absolute terms and relative to the total population in those Member States;

(iii)

the degree of indebtedness of consumers in the Member States in question.