On 28 May 2021, the European Securities and Markets Authority issued a supervisory briefing designed to provide guidance to Member State competent authorities (NCAs) in respect of the presence of an administrator in its Member State of location and the outsourcing of functions or any relevant services and activities in the provision of a benchmark under the Benchmarks Regulation. In particular, the supervisory briefing provides guidance on how NCAs should effectively supervise administrators, that are part of a group which may include or have links with non-EU entities, applying for authorisation or registration in their Member State of location and on appropriate outsourcing arrangements particularly where the service provider is located outside the EU.