Changes from report parliamentary committee draft to report parliamentary committee draft

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

Changedon the proposalCouncil forposition 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

Changed(COM(2023)0660(5123/1/2025 – C90389/2023C100055/2025 – 2023/0379(COD))

Changed(Ordinary legislative procedure: firstsecond reading)

The European Parliament,

Changed– having regard to the CommissionCouncil proposalposition toat Parliamentfirst andreading the(5123/1/2025 Council– (COM(2023)0660),C100055/2025),

Changed– having regard to Article 294(2) and Article 114 of the Treaty on the Functioningopinion of the European Union, pursuant to which theEconomic Commissionand submittedSocial theCommittee proposalof to14 ParliamentFebruary (C90389/2023),2024,

Changed– having regard to Articleits 294(3)position ofat thefirst Treatyreading on the FunctioningCommission ofproposal to Parliament and the EuropeanCouncil Union,(COM(2023)660),

Changed– having regard to RuleArticle 59294(7) of itsthe RulesTreaty on the Functioning of Procedure,the European Union,

Changed– having regard to the reportprovisional ofagreement approved by the Committeecommittee onresponsible Economicunder andRule Monetary75(4) Affairsof (A90000/2023),its Rules of Procedure,

Change 1

Removed1. Adopts its position at first reading hereinafter set out;

Added– having regard to Rule 68 of its Rules of Procedure,

Removed2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

Added– having regard to the recommendation for second reading of the Committee on Economic and Monetary Affairs (A100000/2025),

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;

5. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

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.