What changed between the draft committee report of 11 Jan 2024 and the draft committee report of 3 Apr 2025

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 12, Article 24a – paragraph 1 – point a: (a) recognition pursuant to the procedure set out in Article 32;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 12, Article 24a – paragraph 2 a (new): (2a) Within 60 working days following a designation as referred to in Article 24(5), the administrator of the benchmark concerned, unless that administrator is already authorised or registered, shall seek authorisation or registration with ESMA in accordance with Article 34. If that administrator is already authorised or registered in a Member State, such authorisation or registration shall be transferred to ESMA.

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 12, Article 24a – paragraph 3 – introductory part: (3) Within 60 working days of a designation referred to in Article 24(6), the administrator of the benchmark concerned shall apply to ESMA for either of the following:

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 12, Article 24a – paragraph 3 – point a: (a) recognition pursuant to the procedure set out in Article 32;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 12, Article 24a – paragraph 5 – subparagraph 1 – point d: (d) ESMA has withdrawn or suspended the recognition of the administrator concerned in accordance with Article 32(8);

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 13 a (new), Article 28 – paragraph 2: (13a) Article 28, paragraph 2 is amended as follows: / "2. Supervised entities other than an administrator as referred to in paragraph 1 that use a benchmark shall produce and maintain robust written plans setting out the actions that they would take in the event that a benchmark materially changes or ceases to be provided. Where feasible and appropriate, such plans shall designate one or several alternative benchmarks that could be referenced to substitute the benchmarks that would no longer be provided, indicating the reasons for the suitability of such alternative benchmarks. The supervised entities shall, upon request and without undue delay, provide the relevant competent authority with those plans and any updates and shall reflect them in contractual fallback provisions applicable to financial contracts, financial instruments and investment funds."

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point a, Article 29 – title: Use of critical benchmarks, significant benchmarks, commodity benchmarks subjected to Annex II, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and ESG Benchmarks;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point b, Article 29 – paragraph 1 – subparagraph 1: A supervised entity shall not add new references to a critical benchmark, a significant benchmark or a combination of such benchmarks in the Union where that benchmark or combination of benchmarks is the object of a public notice issued by ESMA or a competent authority in accordance with Article 24a(5). A supervised entity shall not add new references to a critical benchmark, a commodity benchmark subject to Annex II, an EU Climate Transition Benchmark or an EU Paris-aligned Benchmark or an ESG Benchmark or combination of such benchmarks in the Union where the administrator of those benchmark is not included in the register referred to in Article 36.

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point b, Article 29 – paragraph 1 – subparagraph 2: Supervised entities shall regularly consult the European Single Access Point (ESAP) as referred to in Article 28a, or the ESMA register as referred to in Article 36, to verify the regulatory status of the administrators of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks, EU Paris-Aligned Benchmarks or ESG Benchmarks they intend to use.

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point c, Article 29 – paragraph 1a: 1b. A supervised entity that uses a benchmark in existing financial contracts or financial instruments that is subject to a public notice under Article 24a(5) shall replace that benchmark with an appropriate alternative within 6 months following the publication of that notice, or issue and publish a statement on its website informing clients of the absence of an appropriate alternative.;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point c a (new), Article 29 – paragraph 1 c (new): (ca) the following paragraph is inserted : / 1c. A supervised entity may use a benchmark claiming, in its legal or marketing documentation, or denomination, to take ESG factors into account in its methodology, only where its administrator discloses the information referred to in Article 13(1), point (d), and in Article 27(2a). This paragraph shall apply to both EU and non-EU benchmarks.

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point c b (new), Article 29 – paragraph 1 d (new): (cb) the following paragraph is inserted: / 1d. Supervised entities shall at least annually report to ESMA the level of use of the benchmarks subject to this Regulation, in accordance with the criteria specified in Article 24 (7).

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point c c (new), Article 29 – paragraph 1 e (new): (cc) a new paragraph 1e is inserted: / 1e. ESMA shall develop draft regulatory technical standards to further specify the information to be provided, the periodicity and the format in which the supervised entities must make the report referred to in paragraph 1c. / ESMA shall submit those draft regulatory technical standards to the Commission by ... [one year after the date of entering into force of this amending regulation].’

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point c d (new), Article 29 – paragraph 2: (cd) paragraph 2 is amended as follows: / "2. Where the object of a prospectus to be published under Directive 2003/71/EC or Directive 2009/65/EC is transferable securities or other investment products that reference a critical benchmark, a significant benchmark, a commodity benchmark subject to Annex II, an EU Climate Transition Benchmark, an EU Paris-aligned Benchmark or an ESG Benchmark, the issuer, offeror, or person asking for admission to trade on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether the benchmark is provided by an administrator included in the register referred to in Article 36 of this Regulation."

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 14 – point c e (new), Article 29 – paragraph 2 a (new): (ce) the following paragraph is added: / 2a. Administrators of benchmarks used in the Union shall endeavour to request a globally agreed identifier code for each of the benchmarks they provide for use in the Union.’

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 15 – point b, Article 32 – paragraph 3: 3. An administrator located in a third country intending to obtain recognition shall have a legal representative. The legal representative shall be a legal person located in the Union and expressly appointed by that administrator to act on behalf of that administrator with regard to the administrator’s obligations under this Regulation. The legal representative shall, together with the administrator, perform the oversight function relating to the provision of benchmarks performed by the administrator under this Regulation and be accountable to ESMA. ESMA may impose a supervisory measure in accordance with Article 48e on the legal representative and the administrator for one of the infringements listed in Article 42(1), point (a), or in relation to any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of Chapter 4.

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 15 a (new), Article 33 – paragraph 1 – introductory part: (15 a) in Article 33, (1), introductory part is amended as follows: / "1. An administrator located in the Union and authorised or registered in accordance with Article 34, with a clear and well-defined role within the control or accountability framework of a third country administrator, which is able to monitor effectively the provision of a benchmark, may apply to ESMA to endorse a benchmark or a family of benchmarks provided in a third country for their use in the Union, provided that all of the following conditions are fulfilled:"

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 15 b (new), Article 33 – paragraph 3: (15b) Article 33, (3) is amended as follows: / "3. Within 90 working days of receipt of the application for endorsement referred to in paragraph 1, ESMA shall examine the application and adopt a decision either to authorise the endorsement or to refuse it."

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 15 c (new), Article 33 – paragraph 6: (15c) Article 33, (6) is amended as follows: / "6. Where the competent authority of the endorsing administrator has well-founded reasons to consider that the conditions laid down under paragraph 1 of this Article are no longer fulfilled, it shall have the power to require the endorsing administrator to cease the endorsement and shall inform ESMA thereof. Article 28 shall apply in case of cessation of the endorsement."

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 16 – point a, Article 34 – paragraph 1 – introductory part: 1. A natural or legal person located in the Union that acts or intends to act as an administrator shall apply to the competent authority designated under Article 40 of the Member State in which that person is located or ESMA in order to receive:

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 16 – point a, Article 34 – paragraph 1 – point a: (a) authorisation where it provides or intends to provide indices which are used or intended to be used as critical benchmarks, as significant benchmarks, commodity benchmarks subject to Annex II, as EU Climate Transition Benchmarks, as EU Paris-aligned Benchmarks or as ESG Benchmarks;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 16 – point a, Article 34 – paragraph 1 – point b: (b) registration where it is a supervised entity, other than an administrator, that provides or intends to provide indices which are used or intended to be used as significant benchmarks, as EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks or as ESG Benchmarks, provided that the activity of provision of a benchmark is not prevented by the sectoral discipline applying to the supervised entity and that none of the indices provided would qualify as a critical benchmark.;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 16 – point a a (new), Article 34 – paragraph 1a: (aa) paragraph 1a is amended as follows: / "1a. Where one or more of the indices provided by the person referred to in paragraph 1 would qualify as critical benchmarks as referred to in points (a) and (c) of Article 20(1), or as significant benchmarks as referred to Article 24(2), (5) and (6), or if the person envisages endorsing benchmarks as referred to in Article 33, the application shall be addressed to ESMA."

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 16 – point b, Article 34 – paragraph 3: 3. The application referred to in paragraph 1 shall be made within 30 working days of any agreement entered into by a supervised entity to use an index provided by the applicant as a reference in a financial instrument or financial contract or to measure the performance of an investment fund, or within the time limits set out in Article 24a(2) and (3), as applicable.;

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 16 a (new), Article 36 – paragraph 1 – points a to c: (16a) Article 36(1), points (a) to (c), are amended as follows: / "1. ESMA shall establish and maintain a public register that contains the following information: / (a) the identities including the Legal Entity Identifier (LEI) of the administrators authorised or registered pursuant to Article 34 and the competent authorities responsible for the supervision thereof; / (b) the identities including the LEI of administrators that comply with the conditions laid down in Article 30(1), the list of benchmarks including their International Securities Identification Numbers (ISINs) referred to in point (c) of Article 30(1) and the third country competent authorities responsible for the supervision thereof; / (c) the identities including the LEI of the administrators that acquired recognition in accordance with Article 32, the list of benchmarks including their ISINs referred to in Article 32(7) and, where applicable, the third country competent authorities responsible for the supervision thereof;"

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-20220101)

Removed:Regulation (EU) No 2016/1011

Removed:Article 1 – paragraph 1 – point 17 – introductory part, Article 36 – paragraph 1 – points e to j: (17) in Article 36, (1), the following points are added:

Removed:Regulation (EU) No 2016/1011