On 12 June 2024, the European Commission (Commission) published a report on the delegation of power to adopt delegated acts conferred on the Commission pursuant to the Benchmarks Regulation (BMR).

Article 49(2) of the BMR provides that the power to adopt delegated acts is conferred on the Commission for a five-year period, which can be tacitly extended for a further period of identical duration unless the European Parliament or the Council opposes to it no later than three months before the end of each period. Initially, the five-year period ran from 30 June 2016 until 30 June 2021. Regulation (EU) 2019/2089 amended Article 49(2) so that the empowerment is granted from 10 December 2019 until 10 December 2024, and added the requirement to prepare a report in respect of the delegation of power. This report aims to fulfil that requirement.

In the report the Commission considers that there is a clear need for a tacit extension of the delegation of power provided for in Article 49(2) BMR for a further period of five years.