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REPORT (COM(2023)0660 – C90389/2023 – 2023/0379(COD))

On the proposal for a regulation of the European Parliament and of the Council 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 certain reporting requirements

A-9-2024-0076

Committee on Economic and Monetary Affairs · Rapporteur: Jonás Fernández

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Parliament's amended version of the proposed regulation narrows the scope of benchmark rules to critical, significant, EU Climate Transition and EU Paris-aligned benchmarks, and commodity benchmarks under Annex II. It sets procedures for designating significant benchmarks, requires administrators to seek authorisation or registration, and restricts use of non-compliant benchmarks. It also makes recognition a permanent means of access for third-country administrators, adds reporting requirements, and delays application to 1 January 2026.

Committee position. The Committee on Economic and Monetary Affairs proposes to amend the Commission proposal to narrow the scope of benchmark rules, introduce new procedures for designating significant benchmarks, and adjust requirements for third-country administrators.

Key points

  1. Titles II, III (except Articles 23a-23c), IV and VI apply only to critical, significant, EU Climate Transition and EU Paris-aligned benchmarks; Article 10 and Titles III, IV, VI apply to commodity benchmarks under Annex II.
  2. Administrators not in the ESMA register cannot provide or endorse EU Climate Transition or EU Paris-aligned benchmarks, or suggest compliance in names or documentation.
  3. Administrators must include 'EU CTB' or 'EU PAB' in the names of such benchmarks.
  4. A benchmark is significant if used as a reference for financial instruments, contracts, or investment funds with total average value of at least EUR 50 billion, or if designated as significant.
  5. Administrators must notify ESMA and national authorities when a benchmark exceeds the threshold; authorities may issue a notice if the administrator fails to do so, after giving the administrator an opportunity to be heard.
  6. Competent authorities may designate a benchmark as significant if it has no substitutes and its cessation would have significant adverse impacts; ESMA may designate benchmarks provided by third-country administrators.
  7. Administrators of significant benchmarks must seek authorisation, registration, recognition or endorsement within 60 working days of notification or designation.
  8. Supervised entities cannot add new references to benchmarks subject to a public notice or to benchmarks whose administrators are not in the ESMA register; they must replace such benchmarks within 6 months or explain why not.
  9. Third-country administrators can obtain recognition as a permanent means of access, subject to compliance with the regulation or equivalent IOSCO principles, and must have a legal representative in the Union.
  10. ESMA is the competent authority for critical benchmarks, significant benchmarks within the Union, third-country administrators, endorsing administrators, and EU Climate Transition and EU Paris-aligned benchmarks.
  11. The Commission must report by 31 December 2028 on the need to regulate benchmarks making ESG-related claims, with an impact assessment and possible legislative proposal.
  12. The regulation applies from 1 January 2026, with transitional provisions allowing administrators to retain status for nine months.

Who is affected

  • Benchmark administrators in the EU and third countries, especially those providing significant, critical, EU Climate Transition, EU Paris-aligned, or commodity benchmarks under Annex II.
  • Supervised entities using benchmarks, which must comply with new restrictions on adding references and replacing non-compliant benchmarks.
  • Competent authorities in member states and ESMA, which gain new designation and supervisory powers.

Figures and deadlines

  • EUR 50 billion threshold for significant benchmarks.
  • 60 working days for administrators to seek authorisation or registration after notification or designation.
  • 6 months to replace benchmarks subject to a public notice.
  • 1 January 2026 application date.
  • 31 December 2028 for the Commission report on ESG benchmarks.

Legal basis: Article 114 of the Treaty on the Functioning of the European Union