What changed between the adopted text of 24 Apr 2024 and the adopted text of 6 May 2025

Removed:(c) the benchmark has not been designated by a competent authority of another Member State or ESMA.

Removed:Where a competent authority concludes that a benchmark fulfils the criteria set out in the first subparagraph, the competent authority shall prepare a draft decision to designate the benchmark as significant and notify that draft decision to the administrator concerned and to the competent authority of the administrator’s home Member State where relevant. The competent authority concerned shall also consult ESMA on the draft decision.

Removed:The administrators concerned and the competent authority of the administrator’s home Member State shall have 15 working days from the date of notification of the draft decision of the designating competent authority concerned to provide observations and comments in writing. The designating competent authority concerned shall inform ESMA of the observations and comments received and shall duly consider those observations and comments before adopting a final decision.

Removed:The designating competent authority shall notify ESMA of its decision, and publish the decision, including the reasons for which it was made and the consequences of this designation, on its website without undue delay.’;

Removed:4. When consulted by a competent authority on the intended designation of a benchmark as significant in accordance with paragraph 3, first subparagraph, ESMA shall, within 3 months, issue an advice that takes into account the following factors, in light of the specific characteristics of the benchmark concerned:

Removed:(a) whether the consulting competent authority has sufficiently substantiated its assessment that the conditions referred to in paragraph 3, first subparagraph are met;

Removed:(b) whether, in the event that the benchmark ceases to be provided, or is provided on the basis of input data that are no longer fully representative of the underlying market or economic reality or that are unreliable, there would be significant and adverse impacts on▌ financial stability, consumers, the real economy, or the financing of households and businesses in the Union or Member States other than the Member State of the consulting competent authority.

Removed:For the purposes of point (b), ESMA shall take due account, where relevant, of the information provided by the consulting authority pursuant to the third subparagraph of paragraph 3.

Removed:5. Where ESMA finds that a benchmark meets the conditions under paragraph 3, first subparagraph, points (a) and (b), in the Union or in more than one Member State, it shall inform the competent authorities of the Member States concerned thereof. ▌

Removed:ESMA shall prepare a draft decision to designate the benchmark as significant within the Union and notify that draft decision to the administrator concerned and to the relevant competent authorities where point (b) applies. The administrators concerned and the relevant competent authorities shall have 15 working days from the date of notification of the draft decision of ESMA to provide observations and comments in writing. ESMA shall consider those observations and comments before adopting and publishing a final decision.

Removed:6. ESMA may, upon the request of a competent authority, or on its own initiative, designate a benchmark provided by an administrator located in a third country that does not meet the threshold laid down in paragraph 1, point (a), as significant where that benchmark fulfils all of the following conditions:

Removed:(a) the benchmark has no, or very few, appropriate market-led substitutes;

Removed:(b) in the event that the benchmark would cease to be provided, or would be provided on the basis of input data that are no longer fully representative of the underlying market or economic reality or that are unreliable, there would be significant and adverse impacts on▌ financial stability, consumers, the real economy, or the financing of households and businesses in the Union or in one or more Member States .

Removed:ESMA shall, prior to the designation decision and as soon as possible, inform the administrator of the benchmark of its intention, and invite that administrator to provide ESMA within 15 working days with a reasoned statement containing any relevant information for the purposes of the assessment related to the designation of the benchmark as significant.

Removed:Where applicable, ESMA shall invite, as soon as possible, the competent authority of the jurisdiction where the administrator is located to provide any relevant information for the purposes of the assessment related to the designation of the benchmark.

Removed:ESMA shall motivate any designation decision, taking into account whether there is sufficient evidence that the conditions referred to in the first subparagraph of this paragraph are met, in light of the specific characteristics of the benchmark concerned.

Removed:ESMA shall publish its reasoned decision on its website and shall notify the requesting competent authority or authorities without undue delay.

Removed:6a. Administrators of benchmarks which do not meet the requirements to be considered as critical, significant, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks may voluntarily apply to access to the register provided for in Article 36 either by means of authorisation, registration, recognition or endorsement.

Removed:Administrators who voluntarily opt-in to this Regulation shall do so in writing with their current supervisory authority, per benchmark and each of those benchmarks shall be deemed significant under this Regulation.

Removed:The voluntary waiver of this regime shall not prevent the corresponding administrative responsibilities from being imposed in the event of non-compliance or infringement of the Regulation (EU) 2016/1011 during their voluntary stay in the register provided for in Article 36.

Removed:7. ESMA shall develop draft regulatory technical standards to specify:

Removed:(i) the calculation method, including potential data sources, to be used to determine the threshold referred to in paragraph 1, point (a), of this Article;

Removed:(ii) the criteria to assess when a benchmark exceeds the threshold referred to in paragraph 1, point (a), of Article 24 in one Member State or across the Union;

Removed:(iii) the information that competent authorities shall provide when consulting ESMA as required pursuant to Article 24, paragraph 3;

Removed:(iv) the criteria referred to in paragraph 4, point (b), of Article 24, taking into consideration any data which helps assess the significant and adverse impact of the cessation or unreliability of the benchmark on market integrity, financial stability, consumers, the real economy, or the financing of households and businesses in one or more Member States;

Removed:ESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months from the entry into force of this Regulation].

Removed:Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

Removed:7a. By ... [2 years after date of the date of entry into force of this amending Regulation] the Commission shall, in close cooperation with ESMA, present a report to the European Parliament and the Council on the adequacy of the threshold referred to in point (a) of paragraph 1 of this Article in the light of market, price and regulatory developments. That report shall be accompanied, where appropriate, by a legislative proposal. Such review shall take place at least every three years.

Removed:7b. Where ESMA considers it approriate that the threshold referred to in paragraph 1, point (a)be reviewed earlier in the light of market, price and regulatory developments, it shall submit a request to the Commission to review the threshold. Upon receipt of that request, the Commission shall review the need to reassess the threshold and act in accordance with paragraph 7a.;

Removed:(12) the following article is inserted:

Removed:‘Article 24a

Removed:Requirements for administrators of significant benchmarks

Removed:(1) Within 60 working days following the notification referred to in Article 24(2), the administrator of a benchmark satisfying the criterion referred to in paragraph (1), point (a), of that Article, shall seek authorisation or registration with the competent authority of the Member State where it is significant in that Member State or with ESMA where the benchmark is significant within the Union. Where that administrator is located in a third country and unless the benchmark concerned is covered by an equivalence decision adopted pursuant to Article 30, that administrator shall, within 60 working days following the notification referred to in Article 24(2), apply with ESMA for either of the following:

Removed:(a) recognition ▌pursuant to the procedure set out in Article 32;

Removed:(b) endorsement pursuant to the procedure set out in Article 33.

Removed:(2) Within 60 working days following a designation referred to in Article 24(3), the administrator of the benchmark concerned, unless that administrator is already authorised or registered by a national competent authority, shall seek authorisation or registration with the designating competent authority in accordance with Article 34.

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

Removed:(3) Withing 60 working days following a designation referred to in Article 24(6), the administrator of the benchmark concerned▌ shall apply to ESMA for either of the following:

Removed:(a) recognition▌ pursuant to the procedure set out in Article 32;

Removed:(b) endorsement pursuant to the procedure set out in Article 33.

Removed:Third country benchmarks administrators shall select an endorsing administrator in the Union.

Removed:(4) ESMA or competent authorities shall make use of the supervisory and sanction powers they are entrusted with under this Regulation to ensure that the relevant administrators comply with their obligations.

Removed:(5) The competent authority or ESMA shall issue a public notice stating that a significant benchmark provided by an administrator does not comply with this Regulation and that users are to refrain from using that benchmark where any of the following conditions is met:

Removed:(a) within 60 working days following the notification referred to in Article 24(2) the designation referred to in Article 24(3) or the designation referred to in Article 24(6), the administrator concerned has not initiated procedures to comply with paragraph 2 of this Article;

Removed:(b) the authorisation, registration, recognition or endorsement procedures have failed;

Removed:(c) ESMA has withdrawn the registration of the administrator in accordance with Article 31;

Removed:(d) ESMA has withdrawn or suspended the recognition of the administrator concerned in accordance with Article 32(8);

Removed:(e) the endorsement of the administrator concerned has ceased;

Removed:(f) the competent authority has withdrawn or suspended the authorisation or registration of the administrator concerned.

Removed:Competent authorities shall notify ESMA of all issued public notices without undue delay. ESMA shall publish all issued public notices on its website. ESMA or the competent authority shall remove the public notice without undue delay as soon as the reason for which it was issued is no longer valid.;

Removed:(13) in Title III, Chapter 6 is deleted;

Removed:(13a) Article 28, paragraph 2 is amended as follows:

Removed:‘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:(14) Article 29 is amended as follows:

Removed:(a) the title is replaced by the following:

Removed:‘Use of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks’;

Removed:(b) paragraph 1 is replaced by the following:

Removed:‘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 combination of such benchmarks in the Union where the administrator of those benchmarks is not included in the register referred to in Article 36.

Removed: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 or EU Paris-Aligned Benchmarks they intend to use.

Removed:By way of derogation from the first subparagraph, ESMA or the competent authority, as appropriate, may allow the use of a benchmark subject to a public notice issued in accordance with Article 24a(5) for a period of 6 months following the publication of the public notice, renewable once, where necessary to avoid serious market disruption, or for a period of 24 months, non-renewable, for the following: