Clifford Chance
EU cuts scope of Benchmarks Regulation
12 June 2025
A new EU Regulation will exclude many 'non-significant benchmarks' from the scope of the EU Benchmarks Regulation (BMR). However, the amended BMR will continue to apply to EU-labelled low-carbon benchmarks and some commodity benchmarks and benchmarks referencing ESG factors, even if not 'significant'. It will also impose new obligations on EU and non-EU administrators of in-scope benchmarks and EU users of those benchmarks.
The amending Regulation was published in the Official Journal on 19 May 2025. The new rules apply from 1 January 2026, immediately after the end of the current transitional period for non-EU benchmarks.
This briefing outlines the changes made by the amending Regulation and reviews the impact on administrators, users and contributors and the implications in the UK.
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