Benchmarks Regulation – review of the scope and regime for non-EU benchmarks

The European Commission has published a press release in which it informs that it is seeking comments on its new draft on proposed revisions to the Benchmark Regulation (BMR). As we have reported before (please see EventID 23360 in this context for more information), the suggested modifications seek to simplify the regulation and reduce burdens for all stakeholders involved, including benchmark administrators, users, and supervisors. Additionally, the proposed changes are aimed at increasing competition among benchmark administrators by reducing entry barriers for smaller, non-significant benchmarks in the EU.
To avoid the publication of redundant information, we refrain from providing more detailed information in this context at this point. In brief, however, the proposed regulation would narrow the scope of benchmarks subject to the entire benchmark regulation and would require EU Paris-aligned benchmarks and EU Climate Transition benchmarks to be authorized in the EU irrespective their significance. Smaller benchmarks, on the other hand, would be entirely exempt from registration and other relevant requirements. Likewise, users of benchmarks would no longer be required to verify the regulatory status of benchmarks via various publications and third country benchmark providers would no longer have to seek endorsement or recognition in the EU, if there is an EU equivalence decision for their home countries.
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Comments on this proposal may be submitted to the Commission up to January 11, 2024 (as of today) via the provided link. Please note that the eight-week feedback period is being extended every day until the adopted proposal is available in all EU languages.