Benchmarks

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…

In the latest edition of our podcast series, Split the Difference, Hannah Meakin, Nikolai de Koning, Anna Carrier and Simon Lovegrove discuss upcoming changes to the EU Benchmarks Regulation and compare the UK and EU regimes.

Listen to the episode here.

On 6 May 2025, the European Parliament issued a press release stating that it had adopted the proposed Regulation amending the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the EU of benchmarks provided by an administrator located in a third country and certain reporting requirements.

On 24 March 2025, the Council of the EU issued a press release stating that it had adopted the proposed Regulation amending the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements.

Next…

On 19 February 2025, there was published an information note regarding the Council’s position in view of the adoption of the proposal for a Regulation amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and…

Introduction

On 12 December 2024, the European co-legislators and the European Commission (Commission) reached an agreement in trilogue negotiations on the amendments to the EU Benchmarks Regulation (EU BMR). By way of background, the Commission published proposed amendments to the EU BMR in October 2023 (see our note), with the…