The Benchmarks Regulation (Regulation (EU) 2016/1011) establishes EU-wide rules on the use and administration of benchmarks in financial instruments, financial contracts, and investment fund performance measurement.
It entered into force in June 2016, with core obligations applying from January 2018, and was developed in response to manipulation scandals such as LIBOR and EURIBOR.
The BMR is aligned with the IOSCO Principles for Financial Benchmarks and applies to:
- Benchmark administrators
- Data contributors
- Benchmark users across the EU
Some Europex members act as administrators of key energy and emissions benchmarks, and are therefore directly subject to BMR obligations.
Level 2 – Implementing Measures
A range of delegated and implementing acts remain in force, covering:
- Authorisation and registration of benchmark administrators
- Methodology and governance standards
- Recognition, endorsement, and equivalence for third-country benchmarks
Further technical standard updates may follow once the reform is finalised.
Level 3 – ESMA Supervision and Guidance
ESMA continues to publish and update Q&As on the application of the BMR to support consistent implementation across Member States.
These include guidance on:
- Governance and control systems
- Benchmark input data requirements
- Use of third-country and non-significant benchmarks