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Changes from report parliamentary committee draft to report parliamentary committee draft

ECON-PR-757977 → ECON-PR-772074

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ECON-PR-757977 report parliamentary committee draft of 11 Jan 2024
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ECON-PR-772074 report parliamentary committee draft of 3 Apr 2025
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+8 added · −150 removed · 8 changed
More facts (2)
Title (from)
on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements
Title (to)
on the Council position at first reading with a view to the adoption of a regulation of the European Parliament and of the Council amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements
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These two texts have too little in common to be compared paragraph by paragraph (under 15 % of their paragraphs match): they are different documents rather than versions of one — for example a group’s motion and the joint text that was adopted.

Changes that matter, 2

Changes to the text in document order — the ones the change notes describe. Cover page, renumbering and punctuation-only edits are left out (see “Every difference”); changes to citations and references stay in and are marked as formal in the notes.

Change 1

Added1. Approves the Council position at first reading;

Added2. Notes that the act is adopted in accordance with the Council position;

Added3. Instructs its President to sign the act with the President of the Council, in accordance with Article 297(1) of the Treaty on the Functioning of the European Union;

Added4. Instructs its Secretary-General to sign the act, once it has been verified that all the procedures have been duly completed, and, in agreement with the Secretary-General of the Council, to arrange for its publication in the Official Journal of the European Union;

Change 2

RemovedRecital 2: (2) Under Regulation (EU) 2016/1011 of the European Parliament and of the Council4 , all administrators of benchmarks, regardless of the systemic relevance of those benchmarks or of the amount of financial instruments or contracts that use those benchmarks as reference rates or as performance benchmarks, are to comply with several very detailed requirements, including requirements on their organisation, on the governance and conflicts of interest, on oversight functions, on input data, on codes of conduct, on reporting of infringements, and on methodological and benchmark statement disclosures. Those very detailed requirements have put a disproportionate regulatory burden on administrators of smaller benchmarks in the Union considering the aims of Regulation (EU) 2016/1011, that is to safeguard financial stability and to avoid negative economic consequences that result from the unreliability of benchmarks. It is therefore necessary to reduce that regulatory burden by focusing on those benchmarks with the greatest economic relevance for the Union market, i.e. significant and critical benchmarks, and on those benchmarks that contribute to the promotion of key Union policies, i.e. EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and ESG Benchmarks. For that reason, the scope of application of Titles II, III, IV and VI of Regulation (EU) 2016/1011 should be reduced to those specific benchmarks.

AddedSHORT JUSTIFICATION

RemovedRecital 2 a (new): (2a) Benchmark administrators who wish to remain within the scope of Regulation (EU) 2016/1011 should have the option to request voluntary supervision even if their benchmarks do not meet the threshold of a significant benchmark or they are not designated as significant. Likewise, benchmark administrators who wish to obtain a regulatory license under Regulation (EU) 2016/1011 where their benchmarks do not meet the significant threshold should not be prohibited from doing so.

AddedThe Council position at first reading reflects the agreement reached between Parliament and the Council in interinstitutional negotiations at early second reading stage, after legal-linguistic verification. Since the Committee on Economic and Monetary Affairs (ECON), in its vote on 16 January 2025, already confirmed the outcome of those interinstitutional negotiations, as your rapporteur, I propose that ECON recommends that the Plenary confirms the position of the Council at first reading without amending it.

RemovedRecital 4: (4) Pursuant to Article 19d of Regulation (EU) 2016/1011, administrators of significant benchmarks are required to endeavour to provide an EU Climate Transition Benchmark or an EU Paris-aligned Benchmark in an attempt to form a comprehensive supply of climate indices in the Union.

RemovedRecital 6: (6) Benchmark administrators should monitor the use in the Union of the benchmarks they provide and notify the competent authority concerned or the European Securities and Markets Authority (ESMA), depending on where that administrator is located, that the aggregate use of one of their benchmarks has exceeded the threshold laid down in Article 24(1), point (a), of Regulation (EU) 2016/1011. However, it is challenging to calculate such threshold, especially limiting to the Union scope. To ensure consistent implementation of those thresholds ESMA should develop draft regulatory technical standards to specify further the calculation method. The data should be available to ESMA with the introduction of a reporting mechanism from benchmark users and the inclusion of an endeavour/obligation for administrators of benchmarks used in the Union to request a globally agreed identifier code to identify their benchmarks.

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RemovedRecital 6 a (new): (6a) To ensure that benchmark administrators have sufficient time to adapt to the requirements that apply to significant benchmarks, they should only be subject to those requirements as from 60 working days after having submitted such a notification. In addition, benchmark administrators should provide the competent authorities concerned or ESMA, upon request, with all information necessary to assess that benchmark’s aggregate use in the Union.

RemovedRecital 6 b (new): (6b) Where a benchmark administrator fails to notify the competent authorities that the usage of one of its benchmarks has exceeded the threshold laid down in Article 24(1), point (a), of Regulation (EU) 2016/1011, and where the competent authorities have clear and demonstrable grounds to consider that the threshold has been exceeded, the competent authorities concerned or ESMA, as appropriate, should be able to declare that the threshold has been exceeded, having first given the administrator the opportunity to be heard. Such declaration should trigger the same obligations for the benchmark administrator as a notification by the benchmark administrator. This should be without prejudice to the ability of ESMA or competent authorities to impose administrative penalties on administrators that fail to notify that one of their benchmarks has exceeded the applicable threshold.

RemovedRecital 12: (12) EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks are specific categories of benchmarks, defined by their compliance with rules governing their methodology and the disclosure requirements of their administrators. For that reason, and to prevent claims that could lead users to think that such benchmarks are compliant with the standards attached to those labels, it is necessary to subject those benchmarks to mandatory registration, authorisation, recognition or endorsement, as appropriate, and to supervision.

RemovedRecital 12 a (new): (12a) The regulatory treatment of commodity benchmarks should be tailored to their specific characteristics. Commodity benchmarks that are subject to the general rules for financial benchmarks should be treated identically to other financial benchmarks and should be covered by Regulation (EU) 2016/1011 only if they are significant or critical benchmarks and have not been exempted from the scope of this Regulation. Commodity benchmarks subject to the specific regime in Annex II of Regulation (EU) 2016/1011 should always be covered by that Regulation in order to ensure the robustness and reliability of their assessments.

RemovedRecital 20 a (new): (20a) Regulation (EU) 2019/2089 has introduced rules as regards the transparency of benchmarks claiming, in their marketing of legal communication, to be taking environmental, social or governance (ESG) factors into consideration in their design. In order to maintain a high level of transparency surrounding ESG-related claims and an adequate level of protection for users, it is appropriate to require that users of benchmarks making ESG-related claims do not use such benchmarks when they are not provided with the information referred to in Articles 13(1), point d, and 27(2a) of Regulation (EU) 2016/1011. This should apply to the use of any benchmark claiming to take ESG factors into account in their design, regardless of whether such benchmark is administered in the Union or in a third-country.

RemovedRecital 21: (21) To ensure a seamless transition to the rules introduced under this Regulation administrators previously supervised under Regulation (EU) 2016/1011 should keep existing registrations, authorisations, recognitions or endorsements for six months after the entry into application of this amending regulation. This time period intends to give competent authorities or ESMA the time to decide whether any of the previously supervised administrators shall be designated in accordance with this Regulation. If designated, administrators previously authorised, registered, recognised or endorsed should be allowed to retain their previous status and not have to re-apply. Administrators of significant benchmarks should, in any event, be allowed to retain their status as registered, authorised, recognised or endorsed benchmark administrators.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 1 – point a, Article 2 – paragraph 1a: 1a. Titles II, III, with the exception of Articles 23a to 23d, IV and VI apply only in respect of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and ESG Benchmarks.;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 1 – point b, Article 2 – paragraph 2 – point i: (b) in paragraph 2, point (i) is deleted;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 2– point -a (new), Article 3 – paragraph 1 – point 17 – point m: (-a) in point (17), point (m) is amended as follows: / "(m) an administrator authorised or registered pursuant to Article 34;"

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 2 – point a a (new), Article 3 – paragraph 1 – point 23 c a (new): (aa) point (23ca) is added: / (23ca) ‘ESG Benchmark’ means a benchmark that pursues ESG objectives and that fulfils the disclosure requirements pursuant to Article 13(1)(d) and Article 27(2a).

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 8 a (new), Article 19 – paragraph 1 – subparagraph 2: (8a) in Article 19(1), the second subparagraph is amended as follows: / "Article 25 shall not apply to the provision of, and contribution to, commodity benchmarks."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 9 – introductory part, Article 19a – paragraph 4: (9) in Article 19a, the following paragraphs are added:

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 9, Article 19a – paragraph 4 – introductory part: 4. Administrators that are not included in the register referred to in Article 36 shall not :

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 9, Article 19a – paragraph 4 – point a: (a) provide or endorse EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 9, Article 19a – paragraph 4 a (new): 4a. Administrators shall include the term “EU CTB” in the name of the EU Climate Transition Benchmarks and the term “EU PAB” in the name of the EU Paris Aligned Benchmarks.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 10, Article 19d: deleted

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 10 a (new), Article 19d – paragraph 1: (10 a) Article 19d(1) is amended as follows: / "Administrators which are located in the Union and which provide significant benchmarks determined on the basis of the value of one or more underlying assets or prices shall endeavour to provide one or more EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 10 b (new), Article 19d a (new): (10b) the following Article is inserted: / “Article 19da / Title for the Article here / 1. Administrators that are not authorised or registered pursuant to Article 34, or recognised pursuant to Article 32 shall not: / (a) provide or endorse ESG Benchmarks; or / (b) indicate or suggest, in the name of the benchmarks they make available for the use in the Union or in the legal or marketing documentation for those benchmarks, that the benchmarks they make available pursue ESG objectives or take into account ESG factors. / 2. ESMA shall develop draft regulatory technical standards to specify common standards on the names of ESG Benchmarks. / ESMA shall submit those draft regulatory technical standards to the Commission by [12 months after the entry into force of this Regulation]. / Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first sub-paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.”

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 1 – point a: (a) the benchmark is used directly or indirectly within a combination of benchmarks within the Union as a reference for financial instruments or financial contracts or for measuring the performance of investments funds, that have a total average value of at least EUR 30 billion on the basis of the characteristics of the benchmark including: / (i) all the range of maturities or tenors of the benchmark, where applicable, over a period of six months; / (ii) all the currencies or other units of measurement of the benchmark, where applicable, over a period of six months; and / (iii) all the return calculation methodologies, where applicable, over a period of six months;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 2 – subparagraph 1: An administrator shall immediately notify ESMA and, if located in a Member State, the competent authority of that Member State, where one or several of that administrator’s benchmarks exceed the threshold referred to in paragraph 1, point (a). Following receipt of that notification, ESMA, shall publish a statement on its website stating that that benchmark is significant either in one Member State or within the Union.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 2 – subparagraph 2: An administrator shall, upon request, provide ESMA and the competent authority of the Member State where it is located, with information as regards whether the threshold referred to in paragraph 1, point (a) has been effectively exceeded.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 2 – subparagraph 3: Where a competent authority or ESMA has clear and demonstrable grounds to consider that a benchmark exceeds the threshold referred to in paragraph 1, point (a), the competent authority or ESMA may issue a notice stating that fact. Such a notice shall trigger the same obligations for the benchmark administrator as a notification referred to in paragraph 2. At least 10 working days before issuing such notice, the competent authority or ESMA shall inform the administrator of the benchmark concerned of its findings, and invite that administrator to submit any observation.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 3 – subparagraph 1 – point (c): (c) the benchmark has not been designated by a competent authority of another Member State or ESMA.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 5 – subparagraph 1: Where ESMA finds that a benchmark meets the conditions under paragraph 3, first subparagraph, points (a) to (c), in more than one Member State, it shall inform the competent authorities of the Member States concerned thereof.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 5 – subparagraph 2: ESMA shall prepare a draft decision to designate the benchmark as significant within the Union and notify that draft decision to the administrator concerned and to the relevant competent authorities where point (b) applies. The administrators concerned and the relevant competent authorities shall have 15 working days from the date of that notification to provide observations and comments in writing. ESMA shall duly consider those observations and comments before adopting a final decision and shall publish that decision.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 6 – subparagraph 1 – introductory part: ESMA may, upon the request of a competent authority or on its own initiative, designate a benchmark provided by an administrator located in a third country that does not meet the threshold laid down in paragraph 1, point (a), as significant where that benchmark fulfils all of the following conditions:

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 6 a (new): 6a. Administrators of benchmarks which do not meet the requirements to be considered as critical, significant, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks or ESG Benchmarks may voluntarily apply for access to the register provided for in Article 36 either by means of authorisation, registration recognition or endorsement. / Administrators who voluntarily opt in to this Regulation shall be subject to the same regime as administrators of significant benchmarks. The voluntary waiver of that regime shall not prevent the corresponding administrative responsibilities from being imposed in the event of non-compliance or infringement of Regulation (EU) 2016/1011 during their voluntary stay in the register provided for in Article 36.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 11, Article 24 – paragraph 7: 7. ESMA shall develop draft regulatory technical standards to specify: / (i) the calculation method, including potential data sources, to be used to determine the threshold referred to in paragraph 1, point (a) of this Article; / (ii) the criteria to assess when a benchmark exceeds the threshold referred to in Article 24(1), point (a), in one Member State or across the Union; / (iii) the information that competent authorities shall provide when consulting ESMA as required in Article 24(3); / (iv) the criteria referred to in Article 24(4), point (b), taking into consideration any data which helps assess the significant and adverse impact of the cessation or unreliability of the benchmark on market integrity, financial stability, consumers, the real economy, or the financing of households and businesses in one or more Member States; / ESMA shall submit those draft regulatory technical standards to the Commission by [12 months after the entry into force of this Regulation]. / Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first sub-paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 12, Article 24a – paragraph 1 – introductory part: (1) Within 60 working days following the notification referred to in Article 24(2), the administrator of a benchmark satisfying the criterion referred to in paragraph (1), point (a), of that Article, shall seek authorisation or registration with the competent authority of the Member State, where it is significant in this Member State, or with ESMA, where the benchmark is significant within the Union. Where that administrator is located in a third country, that administrator shall, within 60 working days following the notification referred to in Article 24(2), apply with ESMA for either of the following:

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 12, Article 24a – paragraph 1 – point a: (a) recognition pursuant to the procedure set out in Article 32;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 12, Article 24a – paragraph 2 a (new): (2a) Within 60 working days following a designation as referred to in Article 24(5), the administrator of the benchmark concerned, unless that administrator is already authorised or registered, shall seek authorisation or registration with ESMA in accordance with Article 34. If that administrator is already authorised or registered in a Member State, such authorisation or registration shall be transferred to ESMA.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 12, Article 24a – paragraph 3 – introductory part: (3) Within 60 working days of a designation referred to in Article 24(6), the administrator of the benchmark concerned shall apply to ESMA for either of the following:

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 12, Article 24a – paragraph 3 – point a: (a) recognition pursuant to the procedure set out in Article 32;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 12, Article 24a – paragraph 5 – subparagraph 1 – point d: (d) ESMA has withdrawn or suspended the recognition of the administrator concerned in accordance with Article 32(8);

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 13 a (new), Article 28 – paragraph 2: (13a) Article 28, paragraph 2 is amended as follows: / "2. Supervised entities other than an administrator as referred to in paragraph 1 that use a benchmark shall produce and maintain robust written plans setting out the actions that they would take in the event that a benchmark materially changes or ceases to be provided. Where feasible and appropriate, such plans shall designate one or several alternative benchmarks that could be referenced to substitute the benchmarks that would no longer be provided, indicating the reasons for the suitability of such alternative benchmarks. The supervised entities shall, upon request and without undue delay, provide the relevant competent authority with those plans and any updates and shall reflect them in contractual fallback provisions applicable to financial contracts, financial instruments and investment funds."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point a, Article 29 – title: Use of critical benchmarks, significant benchmarks, commodity benchmarks subjected to Annex II, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and ESG Benchmarks;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point b, Article 29 – paragraph 1 – subparagraph 1: A supervised entity shall not add new references to a critical benchmark, a significant benchmark or a combination of such benchmarks in the Union where that benchmark or combination of benchmarks is the object of a public notice issued by ESMA or a competent authority in accordance with Article 24a(5). A supervised entity shall not add new references to a critical benchmark, a commodity benchmark subject to Annex II, an EU Climate Transition Benchmark or an EU Paris-aligned Benchmark or an ESG Benchmark or combination of such benchmarks in the Union where the administrator of those benchmark is not included in the register referred to in Article 36.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point b, Article 29 – paragraph 1 – subparagraph 2: Supervised entities shall regularly consult the European Single Access Point (ESAP) as referred to in Article 28a, or the ESMA register as referred to in Article 36, to verify the regulatory status of the administrators of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks, EU Paris-Aligned Benchmarks or ESG Benchmarks they intend to use.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point c, Article 29 – paragraph 1a: 1b. A supervised entity that uses a benchmark in existing financial contracts or financial instruments that is subject to a public notice under Article 24a(5) shall replace that benchmark with an appropriate alternative within 6 months following the publication of that notice, or issue and publish a statement on its website informing clients of the absence of an appropriate alternative.;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point c a (new), Article 29 – paragraph 1 c (new): (ca) the following paragraph is inserted : / 1c. A supervised entity may use a benchmark claiming, in its legal or marketing documentation, or denomination, to take ESG factors into account in its methodology, only where its administrator discloses the information referred to in Article 13(1), point (d), and in Article 27(2a). This paragraph shall apply to both EU and non-EU benchmarks.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point c b (new), Article 29 – paragraph 1 d (new): (cb) the following paragraph is inserted: / 1d. Supervised entities shall at least annually report to ESMA the level of use of the benchmarks subject to this Regulation, in accordance with the criteria specified in Article 24 (7).

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point c c (new), Article 29 – paragraph 1 e (new): (cc) a new paragraph 1e is inserted: / 1e. ESMA shall develop draft regulatory technical standards to further specify the information to be provided, the periodicity and the format in which the supervised entities must make the report referred to in paragraph 1c. / ESMA shall submit those draft regulatory technical standards to the Commission by ... [one year after the date of entering into force of this amending regulation].’

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point c d (new), Article 29 – paragraph 2: (cd) paragraph 2 is amended as follows: / "2. Where the object of a prospectus to be published under Directive 2003/71/EC or Directive 2009/65/EC is transferable securities or other investment products that reference a critical benchmark, a significant benchmark, a commodity benchmark subject to Annex II, an EU Climate Transition Benchmark, an EU Paris-aligned Benchmark or an ESG Benchmark, the issuer, offeror, or person asking for admission to trade on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether the benchmark is provided by an administrator included in the register referred to in Article 36 of this Regulation."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 14 – point c e (new), Article 29 – paragraph 2 a (new): (ce) the following paragraph is added: / 2a. Administrators of benchmarks used in the Union shall endeavour to request a globally agreed identifier code for each of the benchmarks they provide for use in the Union.’

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 15 – point b, Article 32 – paragraph 3: 3. An administrator located in a third country intending to obtain recognition shall have a legal representative. The legal representative shall be a legal person located in the Union and expressly appointed by that administrator to act on behalf of that administrator with regard to the administrator’s obligations under this Regulation. The legal representative shall, together with the administrator, perform the oversight function relating to the provision of benchmarks performed by the administrator under this Regulation and be accountable to ESMA. ESMA may impose a supervisory measure in accordance with Article 48e on the legal representative and the administrator for one of the infringements listed in Article 42(1), point (a), or in relation to any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of Chapter 4.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 15 a (new), Article 33 – paragraph 1 – introductory part: (15 a) in Article 33, (1), introductory part is amended as follows: / "1. An administrator located in the Union and authorised or registered in accordance with Article 34, with a clear and well-defined role within the control or accountability framework of a third country administrator, which is able to monitor effectively the provision of a benchmark, may apply to ESMA to endorse a benchmark or a family of benchmarks provided in a third country for their use in the Union, provided that all of the following conditions are fulfilled:"

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 15 b (new), Article 33 – paragraph 3: (15b) Article 33, (3) is amended as follows: / "3. Within 90 working days of receipt of the application for endorsement referred to in paragraph 1, ESMA shall examine the application and adopt a decision either to authorise the endorsement or to refuse it."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 15 c (new), Article 33 – paragraph 6: (15c) Article 33, (6) is amended as follows: / "6. Where the competent authority of the endorsing administrator has well-founded reasons to consider that the conditions laid down under paragraph 1 of this Article are no longer fulfilled, it shall have the power to require the endorsing administrator to cease the endorsement and shall inform ESMA thereof. Article 28 shall apply in case of cessation of the endorsement."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 16 – point a, Article 34 – paragraph 1 – introductory part: 1. A natural or legal person located in the Union that acts or intends to act as an administrator shall apply to the competent authority designated under Article 40 of the Member State in which that person is located or ESMA in order to receive:

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 16 – point a, Article 34 – paragraph 1 – point a: (a) authorisation where it provides or intends to provide indices which are used or intended to be used as critical benchmarks, as significant benchmarks, commodity benchmarks subject to Annex II, as EU Climate Transition Benchmarks, as EU Paris-aligned Benchmarks or as ESG Benchmarks;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 16 – point a, Article 34 – paragraph 1 – point b: (b) registration where it is a supervised entity, other than an administrator, that provides or intends to provide indices which are used or intended to be used as significant benchmarks, as EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks or as ESG Benchmarks, provided that the activity of provision of a benchmark is not prevented by the sectoral discipline applying to the supervised entity and that none of the indices provided would qualify as a critical benchmark.;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 16 – point a a (new), Article 34 – paragraph 1a: (aa) paragraph 1a is amended as follows: / "1a. Where one or more of the indices provided by the person referred to in paragraph 1 would qualify as critical benchmarks as referred to in points (a) and (c) of Article 20(1), or as significant benchmarks as referred to Article 24(2), (5) and (6), or if the person envisages endorsing benchmarks as referred to in Article 33, the application shall be addressed to ESMA."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 16 – point b, Article 34 – paragraph 3: 3. The application referred to in paragraph 1 shall be made within 30 working days of any agreement entered into by a supervised entity to use an index provided by the applicant as a reference in a financial instrument or financial contract or to measure the performance of an investment fund, or within the time limits set out in Article 24a(2) and (3), as applicable.;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 16 a (new), Article 36 – paragraph 1 – points a to c: (16a) Article 36(1), points (a) to (c), are amended as follows: / "1. ESMA shall establish and maintain a public register that contains the following information: / (a) the identities including the Legal Entity Identifier (LEI) of the administrators authorised or registered pursuant to Article 34 and the competent authorities responsible for the supervision thereof; / (b) the identities including the LEI of administrators that comply with the conditions laid down in Article 30(1), the list of benchmarks including their International Securities Identification Numbers (ISINs) referred to in point (c) of Article 30(1) and the third country competent authorities responsible for the supervision thereof; / (c) the identities including the LEI of the administrators that acquired recognition in accordance with Article 32, the list of benchmarks including their ISINs referred to in Article 32(7) and, where applicable, the third country competent authorities responsible for the supervision thereof;"

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17 – introductory part, Article 36 – paragraph 1 – points e to j: (17) in Article 36, (1), the following points are added:

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 1 – point e: (e) the benchmarks, including their ISINs, subject to a statement published by ESMA or a competent authority pursuant to Article 24(2), and the hyperlinks to such statements;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 1 – point f: (f) the benchmarks, including their ISINs, subject to designations by competent authorities notified to ESMA pursuant to Article 24(4), and the hyperlinks to such designations;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 1 – point g: (g) the benchmarks, including their ISINs, subject to designations by ESMA, and the hyperlinks to such designations;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 1 – point h: (h) the benchmarks, including their ISINs, subject to public notices issued by ESMA and competent authorities pursuant to Article 24a(5), and the hyperlinks to such public notices.;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 1 – point i: (i) the list of EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks, including their ISINs, available for use in the Union;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 1 – point j: (j) the list of critical benchmarks, including their ISINs;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 3 – point j a (new): (ja) the list of ESG Benchmarks, including their ISINs, available for use in the Union’;

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17, Article 36 – paragraph 3 – point j b (new): (jb) the list of commodity benchmarks subject to Annex II available for use in the Union.

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 17 a (new), Article 40 – paragraph 1: (17a) Article 40(1) is amended as follows: / "1. For the purposes of this Regulation, ESMA shall be the competent authority for: / (b) administrators of the benchmarks referred to in Article 32; / (c) administrators of the benchmarks that are significant within the Union as referred to in Article 24(2), (5) and (6); / (d) administrators endorsing benchmarks provided in a third country according to Article 33."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 19 a (new), Article 48e – paragraph 1 – introductory part: (19a) in Article 48e(1), the introductory part is amended as follows: / "1. Where, in accordance with Article 48i(5), ESMA finds that a person has committed one of the infringements listed in point (a) of Article 42(1), or any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of this Chapter, it shall take one or more of the following actions:"

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 19 b (new), Article 48f – paragraph 1 – subparagraph 1: (19b) in Article 48f(1), the first subparagraph is replaced by the following: / "1. Where, in accordance with Article 48i(5), ESMA finds that any person has, intentionally or negligently, committed one or more of the infringements listed in point (a) of Article 42(1), or any failure to cooperate or comply in an investigation or with an inspection or request covered by Section 1 of this Chapter, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article."

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 21, Article 51 – paragraph 4c: 4c. Competent national authorities intending to designate a benchmark provided by an administrator that was included in the ESMA register on ...[date of application of this amending Regulation – 1 day] and ESMA intending to designate a benchmark that was included in the ESMA register or the administrator of which was included in the ESMA register on ...[ date of application of this amending Regulation – 1 day] shall do so by ... [six months from the date of application of this amending Regulation]. / Benchmark administrators that were authorised, registered, endorsed or recognised on ...[date of application of this amending Regulation] shall retain this status for six months after entry into application of this amending regulation. Where one or more of their benchmarks are designated by ... [within six months after the date of application of this amending Regulation], the designated administrators shall not be obliged to re-apply for authorisation registration, recognition, or endorsement pursuant to Article 24a(1), (2), or (3), as applicable.’; / Administrators of significant benchmarks that were authorised, registered, endorsed or recognised on ...[ date of application of this amending Regulation] shall not be obliged to re-apply for authorisation registration, recognition, or endorsement pursuant to Article 24a(1) where one or more of their benchmarks are significant pursuant to Art. 24(1)(a).’

RemovedRegulation (EU) No 2016/1011

RemovedArticle 1 – paragraph 1 – point 21 a (new), Article 53 – paragraph 1: (21a) Article 53, paragraph 1 is deleted

Sources & citation

Where the facts on this page come from, and how to cite it.

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https://news.eu-parl.st-solutions.dev/texts/ECON-PR-757977/compare/ECON-PR-772074
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25 September 2026

Cite as

European Parliament (2025). “Changes between ECON-PR-757977 and ECON-PR-772074”. Text, 3 April 2025. from ECON-PR-757977, to ECON-PR-772074. EU Parl Watch Research. https://news.eu-parl.st-solutions.dev/texts/ECON-PR-757977/compare/ECON-PR-772074 (retrieved 25 September 2026). Data: European Parliament Open Data, https://data.europarl.europa.eu/ (CC BY 4.0).
BibTeX 
@misc{epw-text-2025-04-03,
  author = {{European Parliament}},
  title = {{Changes between ECON-PR-757977 and ECON-PR-772074}},
  year = {2025},
  date = {2025-04-03},
  howpublished = {\url{https://news.eu-parl.st-solutions.dev/texts/ECON-PR-757977/compare/ECON-PR-772074}},
  url = {https://news.eu-parl.st-solutions.dev/texts/ECON-PR-757977/compare/ECON-PR-772074},
  urldate = {2026-09-25},
  publisher = {EU Parl Watch Research},
  note = {Text. from ECON-PR-757977, to ECON-PR-772074. Data: European Parliament Open Data (CC BY 4.0)}
}