The House of Commons European Scrutiny Committee has published an update on the proposed Benchmark Regulation, including an extract from a letter from Harriett Baldwin, Economic Secretary to HM Treasury, on the legislative progress of the Regulation. Ms Baldwin reports that proportionality remains an active area in the ongoing negotiations. A three-tier categorisation framework with diminishing restrictions applying to less significant benchmarks has been agreed and the UK is working to ensure that the Benchmark Regulation will apply in a proportionate manner and fully accommodates and reflects the diverse nature of benchmarks.