UK Benchmarks Regulation: overview of scope, benchmark types, administrator/contributor obligations, permitted use, FCA powers, ESG disclosures, and the proposed Specified Authorised Benchmarks Regime
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Practice notes
This Practice Note offers high-level guidance on Assimilated Regulation (EU) 2016/1011, commonly referred to as the UK Benchmarks Regulation. For a fuller overview, see Practice Note: UK Benchmarks Regulation—essentials.
Proposed Specified Authorised Benchmarks Regime
On 17 December 2025, HMT released the consultation, Future regulatory regime for benchmarks and benchmark administrators, proposing to replace the UK Benchmarks Regulation with the Specified Authorised Benchmarks Regime (SABR). Under SABR, regulation would apply only to benchmarks and administrators that present systemic risks to UK financial markets. For details, see Practice Note: UK Benchmarks Regulation—essentials—Proposed Specified Authorised Benchmarks Regime.
Background to the UK Benchmarks Regulation
Benchmarks are crucial to the pricing of many financial instruments and to both commercial and non-commercial contracts. After reports of manipulation across a range of benchmarks, including LIBOR, widespread concerns emerged about benchmark integrity, leading regulators to undertake investigations and enforcement action. The EU Benchmarks Regulation was published in the Official Journal of the EU on 29 June 2016 and came into force on 30 June 2016. The majority of its provisions have applied since 1 January 2018. From IP completion day (31 December 2020), the UK Benchmarks Regulation has applied in the UK...
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Web page updated on 22/05/2026
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