Benchmarks Regulation
Important: the Benchmark Regulation (BMR) was amended with effect from 1 January 2026.
The Benchmark Regulation (BMR) has been revised. As a result of these amendments, many benchmarks no longer fall within the scope of the Regulation. Where a benchmark falls outside the scope of the BMR, the benchmark administrator is not required to obtain authorisation or registration under the BMR. Consequently, the absence of authorisation does not automatically mean that a benchmark may not be used.
What is the Benchmark Regulation?
The European Benchmark Regulation (Regulation (EU) 2016/1011) establishes a common framework to ensure the accuracy, robustness and integrity of benchmarks used in financial instruments, financial contracts and to measure the performance of investment funds within the Union. The Regulation has applied since 1 January 2018.
A benchmark is an index that is used to determine the amount payable under a financial instrument or financial contract, or to measure the performance of an investment fund. Well-known examples include interest rate benchmarks such as EURIBOR and AEX.
Why does the Benchmark Regulation exist?
The Benchmark Regulation (BMR) was introduced in response to cases of benchmark manipulation, including the LIBOR and EURIBOR scandals. Such manipulation can undermine market confidence, cause financial losses for consumers and investors, and distort the real economy. The BMR therefore establishes a common framework to ensure the accuracy, robustness and integrity of benchmarks and the benchmark determination process.
To whom does the BMR apply?
- Benchmark administrators;
- Contributors that contribute input data to a benchmark;
- Supervised entities that use benchmarks, including credit institutions, investment firms and other financial institutions.
Key requirements
The Benchmark Regulation sets out requirements relating to:
- the governance and control framework of benchmark administrators;
- the identification, prevention and management of conflicts of interest;
- the quality, accuracy and representativeness of input data;
- the methodology used to determine a benchmark;
- transparency towards users of benchmarks;
- oversight of contributors;
- procedures for handling complaints and reporting infringements;
- disclosures for certain benchmarks, including EU Climate Transition Benchmarks (CTBs) and EU Paris-aligned Benchmarks (PABs).
Revision of the Benchmark Regulation from 2026
The Benchmark Regulation has been revised, and the amended rules have applied since 1 January 2026. The reform aims to reduce administrative burdens and focus regulatory oversight on benchmarks that are of particular significance to the Union's financial markets.
The most significant change is the substantial reduction in the scope of the Regulation. From 1 January 2026, the BMR generally applies only to the following categories of benchmarks:
- critical benchmarks;
- significant benchmarks;
- EU Climate Transition Benchmarks (CTBs);
- EU Paris-aligned Benchmarks (PABs);
- certain commodity benchmarks.
As a result, many benchmarks that were previously classified as non-significant benchmarks no longer fall within the scope of the Regulation. This allows supervisory efforts to focus on benchmarks whose use may have a significant impact on financial markets or on investor and consumer protection.
A benchmark may be classified as a significant benchmark, among other things, where references to that benchmark in financial instruments, financial contracts or investment funds have a total average value of at least EUR 50 billion within the Union. In addition, a competent authority may designate a benchmark as significant where it is considered significant for the functioning of financial markets in one or more Member States. Under certain conditions, a benchmark administrator may also choose to opt in to the significant benchmark regime.
Role of the AFM
In the Netherlands, the Authority for the Financial Markets (AFM) is the competent authority responsible for the supervision of benchmark administrators falling within the scope of the BMR. Its responsibilities include:
- granting authorisation or registration to benchmark administrators;
- supervising ongoing compliance with the BMR;
- cooperating with ESMA and other competent authorities.
Role of ESMA
ESMA is responsible for the direct supervision of administrators of critical benchmarks within the European Union and of recognised third-country benchmark administrators. From 2026, ESMA supervises both recognised third-country benchmark administrators and third-country benchmarks that are made available for use in the Union through endorsement by an authorised or registered EU benchmark administrator. This creates a single European supervisory framework for third-country benchmarks used within the Union.
Authorisations, registration and notifications
Benchmark administrators that fall within the scope of the Benchmark Regulation must obtain authorisation or registration where required under the Regulation.
For applications for authorisation and questions regarding the application of the BMR, market participants may contact the AFM at benchmarks@afm.nl. Market participants may also report complaints concerning benchmarks or benchmark administrators, as well as suspicions of market abuse relating to benchmarks, also via benchmarks@afm.nl.
ESMA Registers
ESMA maintains two public registers on benchmark administrators and on benchmarks.
The register of benchmark administrators contains information on:
- authorised or registered benchmark administrators;
- recognised third-country benchmark administrators
The register of benchmarks contains information on:
- benchmarks that fall within the scope of the revised Benchmark Regulation;
- third-country benchmarks that may be used in the Union.
The ESMA Registers are an important tool for supervised entities and other market participants to verify the regulatory status of benchmarks and benchmark administrators.