The Council has adopted the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmark Regulation) at a meeting of the Agriculture and Fisheries Council. The Regulation will:

  • create three categories of benchmark – critical, significant and non-significant and apply proportionate regulation to each category;
  • create specific regimes for benchmarks concerning commodities, interest rates and regulated data;
  • allow equivalence or partial equivalence of benchmarks put in place by non-EU countries; and
  • require benchmark administrators to be authorised and subject to ongoing rules, including the need for appropriate governance arrangements and procedures to avoid conflicts of interest.

The Benchmark Regulation will enter into force on the day after its publication in the OJEU, to apply 18 months after it enters into force. (Source: Council adopts Benchmarks Regulation)