On 4 February 2026, the European Commission issued for consultation a draft Implementing Regulation supplementing the Benchmarks Regulation (BMR) by establishing a list of spot foreign exchange benchmarks exempt from its application.
The spot foreign exchange rate benchmarks listed in the Annex to the draft Implementing Regulation are designated as spot foreign exchange
On 22 December 2025, the European Securities and Markets Authority (ESMA) issued a final report on guidelines on internal controls for benchmark administrators (BAs), credit rating agencies (CRAs) and market transparency infrastructures. The final report follows an earlier consultation paper that ESMA issued on 19 December 2024.
In the
On 17 December 2025, the European Securities and Markets Authority and the New Zealand Financial Markets Authority entered into a Memorandum of Understanding establishing cooperation arrangements under Article 30 of the Benchmarks Regulation.
On 17 December 2025, HM Treasury (HMT) issued a consultation paper on the future regulatory regime for benchmarks and benchmark administrators.
In the consultation paper HMT is consulting on the proposal to introduce an entirely new benchmarks regime, which only regulates those benchmarks or benchmark administrators that may pose systemic risks to UK
On 31 October 2025, there was published in the Official Journal of the European Union (OJ) Commission Implementing Decision (EU) 2025/2197 which provides that for the purposes of Article 30(2) of the Benchmarks Regulation (BMR), New Zealand’s legal and supervisory framework applicable to financial benchmarks whose administrator has been licensed by
On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards fees for the supervision by the European Securities and Markets Authority (ESMA) of benchmark administrators endorsing third country benchmarks.
The draft Delegated Regulation updates Delegated Regulation (EU) 2022/805 to include supervisory
On 27 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation amending the Regulatory Technical Standards (RTS) laid down in Delegated Regulation (EU) 2018/1645 and Delegated Regulation (EU) 2018/1646.
Overview
Delegated Regulation (EU) 2018/1645 sets out information required when a benchmark administrator located in a third country submits its
On 18 July 2025, the European Commission issued a consultation on a draft Delegated Regulation that updates Delegated Regulation (EU) 2022/805 to include supervisory fees for the new category of benchmark administrators under the supervision of the European Securities and Markets Authority, i.e. EU administrators that endorse third country benchmarks.
Next steps
The deadline for
On 19 May 2025, there was published in the Official Journal of the EU (OJ), Regulation (EU) 2025/914 of the European Parliament and of the Council of 7 May 2025 amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an