The EU Benchmarks Regulation (BMR)

The BMR concerns three kinds of activity: determining and providing benchmarks (the person who does this is called a benchmark administrator), providing input data (done by financial institutions and others), and handling contracts and financial instruments that reference a benchmark. Administrators look to the BMR's articles for authorization and registration, users for the register check and their fallback plans, and those who use benchmarks from outside the EU for equivalence, recognition and endorsement.

What the regulation requires

The BMR sets a common framework for the benchmark administrators that determine benchmarks in the EU, for contributors of input data, and for the people who use benchmarks. Its aim is to keep the accuracy and integrity of the indices used in financial instruments and financial contracts¹. The recitals say that cases of manipulation of interest rate benchmarks such as LIBOR and EURIBOR showed that benchmarks can involve conflicts of interest. They add that discretion and weak governance make a benchmark easier to manipulate².

The basics of benchmarks are covered in What Is a Benchmark Rate?.

The regulation has five pillars.

The recitals say that the principles of IOSCO are taken into account as the global standard for regulatory requirements on benchmarks³.

Legal basis and supervision

The BMR is Regulation (EU) 2016/1011 of the European Parliament and of the Council of June 8, 2016⁴. As an EU regulation, it applies directly in all Member States. The regulation is divided into eight Titles⁵.

The table below shows who is responsible for what.

The ESMA page says that, from January 1, 2026, ESMA will also supervise EU administrators that endorse third-country benchmarks and will be the single point of contact for administrators of third-country benchmarks⁹.

The articles were checked against the version published as of October 5, 2026 (the version that reflects the 2025 amendment).

Benchmarks and persons in scope

The BMR applies to the provision of benchmarks, the contribution of input data to benchmarks, and the use of benchmarks, within the EU¹¹.

Scope of the terms

The main terms of the regulation are as follows¹².

An index used to measure the performance of an investment fund is also a benchmark. This applies if the purpose is to track the index, define the asset allocation, or compute performance fees¹².

The listed supervised entities include credit institutions, investment firms, insurance undertakings, central counterparties, trade repositories, and administrators authorized or registered under the regulation. They also include UCITS (undertakings for collective investment in transferable securities) and their management companies, AIFMs (alternative investment fund managers), and institutions for occupational retirement provision¹².

A supervised entity that contributes input data to an administrator located in the EU is called a supervised contributor in the regulation¹².

Who is not covered

The regulation does not apply to the following¹³.

The table shows only some of the cases that are not covered. The regulation also contains an exemption for small commodity benchmarks, and one for an index provider that does not know, and could not know, that its index is used as a benchmark¹³.

Scope since January 2026

In January 2026, the scope narrowed. The benchmarks to which most of the regulation applies are limited to the following four kinds¹⁵.

• Critical benchmarks
• Significant benchmarks
• EU Climate Transition Benchmarks
• EU Paris-aligned Benchmarks

Commodity benchmarks under Annex II are not on this list of four. However, commodity benchmarks covered by Annex II also remain in scope⁹⁶. The table in the section on authorization and registration shows five categories, adding these commodity benchmarks.

The Titles subject to the limit are Title II, Title III (except the replacement provisions), Title IV, Title V and Title VI¹⁵. The two EU climate benchmarks were added to the categories in November 2019⁹.

The replacement provisions are not subject to this limit. Two further provisions apply, separately from the limit, to all benchmarks used in the EU that are provided by an administrator on ESMA's register, or by an administrator in the same group as an administrator on the register¹⁵.

In the explanation of its 2023 proposal, the European Commission wrote that the review aimed to narrow the third-country benchmark provisions to critical benchmarks, so that EU users would not be cut off from benchmarks they use. It also wrote that the review aimed to apply the same range of requirements to EU administrators, so that conditions are equal¹⁶.

Authorization and registration of administrators

An administrator located in the EU must be authorized or registered if it provides a benchmark in scope, as in the table below⁶.

The five categories for authorization are critical benchmarks, significant benchmarks, Annex II commodity benchmarks, EU Climate Transition Benchmarks, and EU Paris-aligned Benchmarks. The three categories for registration are significant benchmarks, EU Climate Transition Benchmarks, and EU Paris-aligned Benchmarks. Registration is available only if the law governing the entity's business does not prevent the provision and the entity does not provide an index that would be a critical benchmark.

Figure 1 asks, for an index provided by an administrator located in the EU, whether it falls under the authorization or registration procedure.

Figure description

Three questions are checked in order to see whether the authorization or registration procedure applies. A no to question 1 leads to the section on benchmarks from outside the EU. A yes to question 2 means the case falls in a row of the table of persons to whom the regulation does not apply. A no to question 3 means the index is not covered by the table. If all three are passed, the administrator is in principle subject to the authorization or registration procedure, and which one is decided by the conditions in the table.

Consider a hypothetical example in which Bank G, located in the EU, provides an index.

• Example 1: Bank G (fictional), a credit institution, provides an index used as a significant benchmark. The law governing its business does not prevent the provision, and the index is not one that would be a critical benchmark. The index is provided by an EU-located administrator and the bank is not among the persons not covered, so the case passes the three questions of Figure 1. Bank G is a supervised entity other than an administrator and also meets the registration condition.
• Example 2: Bank G only publishes its own internally set floating borrowing rate, and that rate applies only to financial contracts the bank concludes with its customers. The case matches the row for a person who publishes its own borrowing rate in the "Who is not covered" table, so it drops out at question 2 of Figure 1 and is subject to neither authorization nor registration.

Applications go to the competent authority of the Member State where the administrator is located. For an administrator of a benchmark that is critical because of its size or its lack of substitutes (see the next section), and for a person that applies at the same time for the endorsement of a third-country benchmark, the application goes to ESMA⁶.

The time limits are as follows⁶.

Authorization and registration are separate procedures, and the decision periods differ: 4 months and 45 working days. ESMA maintains a public register. The register lists administrators that are authorized or registered, benchmarks that can be used in the EU through third-country equivalence, recognition or endorsement, the list of critical benchmarks, and more⁷.

Two categories by importance

Critical benchmarks

A critical benchmark is a benchmark on the list that the European Commission draws up by implementing act. A benchmark qualifies if it meets one of the following⁸.

"Almost no substitutes" in (c) means that there are no substitute benchmarks on the market, or very few. The significant adverse impact is the impact on market integrity, financial stability, consumers, the real economy, or the financing of households and businesses if the benchmark ceased or became unreliable⁸.

A benchmark that does not meet the total-value condition in (c) can still be recognized as critical, by agreement between the competent authorities concerned, if it meets the conditions on lack of substitutes and impact⁸. The list is reviewed at least every two years⁸.

EURIBOR is an example of a benchmark that is critical in the EU. As of October 12, 2026, EURIBOR is the only benchmark that is critical across the EU. The administrator of EURIBOR is the European Money Markets Institute (EMMI). In July 2019, the Belgian Financial Services and Markets Authority (FSMA) authorized EMMI. On January 1, 2022, supervision of EMMI moved from the FSMA to ESMA⁹.

If the administrator of a critical benchmark intends to stop providing it, it notifies the competent authority immediately, and within 4 weeks submits an assessment of how to transfer to a new administrator or how to cease provision. During this period it cannot stop providing the benchmark. After the assessment, the competent authority can require the administrator to keep publishing. A single period is up to 12 months and can be extended. The total period for which it can compel publication is up to 5 years¹⁷.

Significant benchmarks

A benchmark other than a critical benchmark is a significant benchmark if the average total value of what references it over 6 months is at least EUR 50 billion. When the amount is reached, the administrator notifies the competent authority immediately (ESMA for a third-country administrator)¹⁸. Even if the amount is not reached, the competent authority can, after consulting ESMA, designate a benchmark as significant if it has few substitutes and its cessation would have a large impact. An administrator can also apply for the designation itself, in which case the total value must be at least EUR 20 billion¹⁸.

The administrator of a significant benchmark applies for authorization or registration within 60 working days of the notification or designation. A third-country administrator applies for recognition or endorsement, except for benchmarks covered by an equivalence decision. If it does not apply, or the procedure fails, the competent authority or ESMA publishes a notice that the benchmark does not comply with the regulation and should not be used¹⁹. The European Commission is to report, in cooperation with ESMA, on whether the EUR 50 billion amount is appropriate by December 31, 2028¹⁸.

Governance and contributors' conduct

The governance and conduct provisions are in Title II. They apply only to the four kinds of benchmarks to which most of the regulation applies¹⁵.

The following is required of administrators²⁰.

If conflicts of interest arising from the ownership structure and similar causes are not sufficiently mitigated, the competent authority can require an independent oversight function. If conflicts cannot be managed, it can require the administrator to stop the activity or relationship that causes them, or to stop providing the benchmark²⁰.

For a benchmark that relies on input data from contributors, the administrator draws up a code of conduct for each benchmark, and verifies on an ongoing basis, at least once a year and when changes occur, that contributors comply with it²¹. The code of conduct sets out the input data to be contributed, the checks on who may contribute, systems and controls, the handling of discretion, record-keeping and more²¹.

A supervised contributor is required to ensure that its contribution of input data is not affected by conflicts of interest, to exercise any discretion independently and with integrity in line with the code of conduct, and to have a control framework that protects the integrity and accuracy of the data. The specific controls are as follows²².

To show users what a benchmark contains, the administrator publishes a benchmark statement for each benchmark. It publishes the statement within 2 weeks of the benchmark being on the register, and reviews it at least every 2 years²³. The statement describes the market or economic reality the benchmark measures, the cases in which discretion is used, and the possibility that the benchmark could change or cease²³. The administrator also publishes the procedures for changes and cessation²⁴.

Obligations of users

The provisions for users are in Titles IV and V. The Title IV provisions apply only to the same four kinds of benchmarks as the governance provisions¹⁵. The provisions on checking the administrator and restricting new references also name Annex II commodity benchmarks²⁵.

The restrictions on new references are as follows²⁵.

A supervised entity regularly checks the status of the administrator of the benchmark it intends to use, for example on the register. If necessary to avoid market disruption, ESMA or the competent authority can allow use of a benchmark that is the subject of a notice for a period of 6 to 24 months²⁵.

A supervised entity that uses benchmarks keeps a written plan of the actions it would take if a benchmark materially changed or ceased to be provided. Where feasible, the plan names an alternative benchmark with appropriate reasons. It submits the plan to the competent authority without undue delay on request, and reflects it in the fallback provisions of contracts, financial instruments and investment funds²⁶.

Where securities or other instruments subject to a prospectus reference a benchmark in scope, the issuer or other person states, clearly and prominently, whether the administrator of that benchmark is on the register²⁵.

Benchmarks from outside the EU

For a supervised entity to use a benchmark whose administrator is outside the EU, the benchmark and the administrator must be on the register. There are three ways onto it²⁷.

Equivalence can be granted for the whole country, or for specific administrators or benchmarks. The administrator must be authorized or registered and supervised in that country, consent to use in the EU, and a cooperation arrangement between ESMA and the third-country authority must be in operation²⁷.

For recognition, the administrator has a legal representative in the EU. The condition is that it complies with the regulation (except some articles), or that applying the IOSCO principles is equivalent to complying with the regulation. ESMA checks within 90 working days of a complete application¹⁰.

For endorsement, the conditions are that the requirements are at least as strict as the regulation's, that the endorser has the expertise to monitor, and that there is an objective reason to provide it in the third country. ESMA decides within 90 working days of receiving the application²⁸.

As of October 12, 2026, the countries for which the ESMA page lists equivalence decisions are Australia, New Zealand and Singapore⁹. Endorsement applications go to ESMA from October 1, 2025. Before that they went to national competent authorities⁹.

The date of application of the third-country benchmark provisions had already been postponed twice. In its 2023 proposal, the European Commission explained that December 31, 2025 could become a cliff after which EU users could no longer use benchmarks¹⁶.

With the 2025 amendment, the scope of the third-country benchmark provisions narrowed to critical benchmarks and similar categories⁹. Administrators that were on the register as authorized, registered, recognized or endorsing administrators on December 31, 2025 were to keep that status until September 30, 2026⁹. That deadline has passed.

Replacement of benchmarks that cease

The European Commission, or the competent authority of a Member State, designates the replacement of benchmarks that cease²⁹³⁰³¹. Regulation (EU) 2021/168 amended Regulation (EU) 2016/1011, and its title refers to the designation of replacements for certain benchmarks in cessation³².

The replacement provisions apply to the following contracts and financial instruments²⁹.

The power to set a replacement is split in two, depending on the benchmark.

The European Commission can designate a replacement by implementing act for the following three kinds³⁰.

• A critical benchmark recognized as critical because of its size or its lack of substitutes
• A benchmark based on contributions of input data whose cessation would significantly disrupt the functioning of EU financial markets
• A third-country benchmark with a similar impact or systemic risk to the financial system

A designation can be made when, among other cases, the competent authority has announced that the benchmark no longer represents the market, the administrator has announced an orderly cessation or a halt to provision and there is no successor administrator, or the administrator's authorization has been withdrawn³⁰. The Commission's implementing act sets the replacement benchmark, the spread adjustment and its method, the necessary related changes, and the date of application³⁰.

The replacement substitutes all references in a contract or financial instrument that has no fallback provision, or no suitable one. A provision is not suitable if it does not provide for a permanent replacement, if a third-party consent needed to apply it is refused, or if it provides for a replacement that departs significantly from market reality and could adversely affect financial stability³⁰.

The last case applies when three things happen together. First, the competent authority of a Member State, at the request of interested parties, carries out a collective assessment for a certain type of contract and confirms the departure. Second, after the assessment, a party to the contract objects to the contract's fallback no later than 3 months before the benchmark ceases. Third, after the objection, the parties do not agree on a different replacement no later than 1 working day before cessation³⁰.

A replacement designated by the competent authority of a Member State does not apply if all the parties, or the required majority, agree on a different replacement³¹.

Entry into force and amendments

The 2025 amendment was published in the Official Journal in May 2025⁹.

Differences from the UK BMR

The UK BMR is a version of Regulation (EU) 2016/1011 amended as UK law³⁵. The UK column in the table below follows the version in force as of January 19, 2026.

Among its conditions, the UK's (d) covers a case where, even with sufficient substitutes, it is not realistic for one or more users to switch to a substitute⁴⁰. The UK version provides that, when the FCA notifies the administrator of a critical benchmark that the benchmark is unrepresentative or that its representativeness is at risk, the FCA considers, within 21 days of the notice, whether to designate the benchmark⁴¹.

In the UK, a supervised entity can use a benchmark on the FCA register or a benchmark of an administrator on the register that is located in the UK³⁸.

The same published version lists, as a change not yet reflected in the text, the revocation of the regulation by Part 1 of Schedule 1 to the Financial Services and Markets Act 2023⁴².

The UK version of EMIR is covered in UK EMIR.

Practical implications

The BMR affects users and providers of benchmarks differently. A supervised entity that uses one of five kinds of benchmarks, including critical benchmarks, regularly checks whether the administrator is on the register. The five kinds include Annex II commodity benchmarks⁴³. The entity also keeps a written plan for when a benchmark materially changes or ceases, and reflects the plan in the fallback provisions of its contracts and financial instruments²⁶. An administrator that provides one of those five kinds of benchmarks must be authorized or registered. It must also manage governance and conflicts of interest and publish the benchmark statement⁶²⁰²³. The provisions on governance, the benchmark statement and the written plan apply only to the four kinds of benchmarks, including critical benchmarks¹⁵.

What this page does not cover

The content of the two provisions that apply separately from the scope limit, the adoption of the list of exempt spot foreign exchange benchmarks, and the register status after September 30, 2026 are not covered on this page. The framework that follows the revocation of the UK BMR is not covered on this page.

Notes

1. ESMA, Interactive Single Rulebook, BMR Article 1 (the version that reflects the 2025 amendment; retrieved on October 5, 2026). Below, article footnotes are to the same version unless noted otherwise. Some articles were retrieved again on October 12, 2026. ↩

2. BMR recital (1) (legislation.gov.uk version; retrieved on October 12, 2026). ↩

3. BMR recital (44) (same version). ↩

4. The title and date on the legislation.gov.uk version (retrieved on October 12, 2026). The point that the regulation applies directly in all Member States is in the last sentence of BMR Article 59. ↩

5. ESMA, Interactive Single Rulebook, table of contents of the BMR (retrieved on October 5, 2026), for the Title headings and the order of article titles. ↩

6. BMR Article 34(1), (1a), (3) and (5) to (7) (30 working days is paragraph 3, 15 working days is paragraph 5, 4 months and 45 working days are paragraph 6, 5 working days is paragraph 7). The critical benchmarks whose applications go to ESMA are those under Article 20(1)(a) or (c). ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶

7. BMR Article 36(1) and (2). ↩ ↩²

8. BMR Article 20(1) (points (a) to (c) and the last subparagraph) and (1a). ↩ ↩² ↩³ ↩⁴ ↩⁵

9. ESMA, "Benchmark Administrators" page (retrieved on October 12, 2026). The sections on EU critical benchmarks, third-country administrators, the register and equivalence decisions. The treatment until September 30, 2026 is in Article 51(4c). ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹ ↩¹⁰ ↩¹¹ ↩¹² ↩¹³ ↩¹⁴ ↩¹⁵

10. BMR Article 32(2), (3), (5) and (8). ↩ ↩² ↩³

11. BMR Article 2(1). ↩

12. BMR Article 3(1), points (3), (5), (6), (7), (8), (9), (10) and (17). ↩ ↩² ↩³ ↩⁴

13. BMR Article 2(2), points (a), (b), (c), (e), (f), (g), (h) and (i). ↩ ↩²

14. BMR Article 18a(1) and (3). ↩ ↩²

15. BMR Article 2(1a) and (1b). The replacement provisions are Articles 23a to 23c. The provisions that apply separately from the limit are Article 13(1)(d) and Article 27(2aa). ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶

16. European Commission, "Frequently asked questions: Benchmarks Regulation" (dated October 17, 2023; retrieved on October 5, 2026), the section on the objectives of the review. ↩ ↩²

17. BMR Article 21(1) to (3). ↩

18. BMR Article 24(1)(a), (2), (3), (7) and (10). ↩ ↩² ↩³ ↩⁴

19. BMR Article 24a(1) to (4) and (6). Equivalence decisions are in Article 30. ↩

20. BMR Article 4(1) to (5). ↩ ↩² ↩³

21. BMR Article 15(1) and (2). ↩ ↩²

22. BMR Article 16(1) and (2). ↩

23. BMR Article 27(1). ↩ ↩² ↩³

24. BMR Article 28(1). ↩

25. BMR Article 29(1), (1a), (1b) and (2). ↩ ↩² ↩³ ↩⁴

26. BMR Article 28(2) (the plan of a supervised entity, other than an administrator, that uses benchmarks). Article 28 is in Title IV, and under Article 2(1a) it applies only to the four kinds of benchmarks. ↩ ↩²

27. BMR Article 30(1) to (4). ↩ ↩² ↩³

28. BMR Article 33(1) and (3). ↩ ↩²

29. BMR Article 23a. ↩ ↩²

30. BMR Article 23b(1) to (5), (8) and (9). The critical benchmarks are those under Article 20(1)(a) or (c). ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷

31. BMR Article 23c(1), (3) and (4). ↩ ↩² ↩³

32. The title of Regulation (EU) 2021/168, taken from the Euroalert page that reproduces the title in the Official Journal (retrieved on October 5, 2026). ↩

33. BMR Article 59. ↩

34. European Parliament, "Review of the Benchmark Regulation" (Legislative Train; retrieved on October 5, 2026), the description of the publication of Regulation (EU) 2021/168 (February 12, 2021). The European Sources Online record gives the same date. ↩

35. legislation.gov.uk version (the version in force as of January 19, 2026; retrieved on October 12, 2026), for the term "assimilated law" in the text. ↩

36. UK version, Article 1 and Article 2(1) ("within the United Kingdom"). ↩

37. UK version, Article 34(1)(c). ↩

38. UK version, Article 29(1), and the definition of "FCA register" in Article 3 (the register under Article 36(1)). ↩ ↩²

39. UK version, Article 30(1)(a), (2) and (3). ↩

40. UK version, Article 20(1)(a) and (d). ↩ ↩²

41. UK version, Article 23A(1). Articles 23FA to 23FC are from the amendment note in the same version. ↩ ↩²

42. The same published version, in the section on changes not yet reflected in the text (revocation by Part 1 of Schedule 1 to the Financial Services and Markets Act 2023 (c. 29)). ↩

43. BMR Article 29(1) and (1b). ↩ ↩² ↩³

44. BMR Article 23b(3) to (5) and Article 23c(3). ↩