On 10 June 2016, the Council of the European Union (the Council) published a revised version of the Benchmark Regulation (Regulation of the European Parliament and the Council on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending the Consumer Credit Directive 2008 (CCD), the Mortgage Credit Directive 2014 (MCD) and the Market Abuse Regulation 2014 (MAR)).

The Benchmarks Regulation will come into force the day after it is published in the Official Journal of the European Union (OJ), which is expected to be sometime in June 2016. It will apply 18 months from that date, with the exception of certain provisions that will apply from the day after the OJ publication and Article 56, which amends MAR, which will apply from 3 July 2016.

The Council is yet to indicate what revisions have been made to the original text, dated 5 May 2016.