The Council has reached an agreement with the EP’s Committee on Economic and Monetary Affairs (ECON) on the proposed regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmark Regulation). The agreement focuses on the previously outstanding issues of the categorisation of benchmarks as well as on the third-country regime. The agreement expects that benchmarks will be subject to a framework appropriate to their size and to their nature whilst respecting a core set of minimum requirements in line with the internationally agreed IOSCO principles. Compromise on the third-country regime will allow third-country indices to continue to be used in the EU through “recognition” or “endorsement” regimes, while ensuring that European benchmark administrators will not be disadvantaged when compared with their non-European competitors. Council expects the agreement to be formalised at a meeting of the Council’s Permanent Representatives Committee (COREPER) on 9 December. Commission has welcomed the agreement on new rules to prevent manipulation of various benchmarks. (Source: Council Agrees Benchmark Regulation with ECON)