The Benchmark Regulation has been adopted by the European Parliament by a large majority, although the text of the Regulation has not yet been made available. The Regulation creates three categories of benchmarks which are subject to different supervisory regimes depending on how much influence they have over the stability of financial markets. The Regulation requires all benchmark administrators to be authorised or registered and each administrator will have to publish a “benchmark statement” defining precisely what their benchmark measures. The next step is for the Benchmark Regulation to be formally adopted by the Council, which is expected in May 2016. It will then be published in the EU Official Journal and enter into force on the day following that of its publication.