Jurisdiction(s):
European Union

EU Benchmarks Regulation (BMR): 2025/914 reforms, scope and governance, critical/significant benchmarks, ESG and low‑carbon disclosures, user and prospectus obligations, third‑country access, and statutory replacement framework

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Practice notes

EU Benchmarks Regulation—background and purpose

Benchmarks underpin pricing for a wide array of financial instruments and for both commercial and non-commercial agreements. After revelations of manipulation affecting certain benchmarks, including the London Interbank Offered Rate (LIBOR), confidence in benchmark integrity was severely shaken. Regulators launched investigations and took enforcement action across multiple benchmarks. Against this backdrop, on 18 September 2013 the Commission tabled a draft Regulation on indices employed as benchmarks in financial instruments and financial contracts.

Regulation (EU) 2016/1011 (the EU Benchmarks Regulation) appeared in the Official Journal of the EU on 29 June 2016 and took effect on 30 June 2016. Its objectives are to safeguard investors and restore trust in indices used as benchmarks in financial instruments and financial contracts, and in the assessment of investment fund performance and the methodology for setting benchmarks. The Regulation also targets greater transparency across all elements of benchmark activity, enabling benchmark users to take optimal economic decisions. Regulation (EU) 2019/2089 (the EU Low Carbon Benchmarks Regulation) was published in the Official Journal of the EU...

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Web page updated on 21/05/2026

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