The European Securities and Markets Authority (ESMA) is the supervisor of administrators of EU critical benchmarks, and of third-country administrators recognized in the EU.
Starting 1 January 2026, ESMA will be the single entry point for all third country benchmarks administrators in the EU, and will be in charge of supervising both third country recognized and endorsed benchmarks. ESMA is also responsible for promoting the consistent implementation of the Benchmarks Regulation across the EU, using a variety of policy tools.
The Benchmarks Regulation aims to protect consumers and investors exposed to benchmarks, thanks to greater transparency and rigorous oversight over the provision of benchmarks in the EU.
The scope of the Benchmarks Regulation is broad. It includes three categories of benchmarks: critical, significant, and non-significant benchmarks, with critical benchmarks subject to stricter rules. The Benchmarks Regulation includes also specific rules for commodity benchmarks and interest rates. In November 2019, two new categories of benchmarks were included: EU Climate Transition and EU Paris-aligned benchmarks.
Benchmarks provided from outside the EU that remain in scope of the regulation can be offered in the EU market under one of the following BMR regimes for third-country benchmarks: equivalence, recognition or endorsement.
Further to the reduced regulatory scope, the review of the Benchmarks Regulation has also extended ESMA’s supervisory competences. Specifically, in addition to supervising recognition, starting 1 January 2026, ESMA will be in charge of supervising the EU administrator endorsing third country benchmarks, which would result in a single entry point for all third country benchmark administrators in the EU. Moreover, when that endorsing EU administrator provides benchmarks which are in scope of the regulation, ESMA will also be responsible for the supervision of these benchmarks.
