On 9 December 2014, the Presidency of the Council of the EU published a compromise proposal for the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmark Regulation).
On 11 December 2014, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published its draft report on Benchmark Regulation which includes a European Parliament legislative resolution on the proposed Benchmark Regulation, which sets out suggested amendments and focuses on the following aspects:
- Scope of the Benchmark Regulation (which needs to be broad because all types of benchmarks are vulnerable to manipulation but in some cases indices should not be considered as benchmarks).
- The methodology for determining Criticality is important in terms of identifying systemically important "critical" benchmarks.
- Proportionality and transparency.
- Third countries regime (to ensure EU users can maintain access to third-country benchmarks).