in force 2026-01-01 MODIFIED+549 −1,187§
Amended by Regulation (EU) 2025/914 32025R0914
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates removed: 2019-12-09, 2020-04-30, 2021-12-31
Paragraph 2a has been reduced to the requirement, previously present, that significant equity and bond benchmarks and EU Climate Transition and Paris-aligned Benchmarks disclose alignment with carbon-emission reduction or Paris Agreement objectives, while the earlier general requirement for all benchmark statements to explain how ESG factors are reflected, the deadline-based wording, the statement about no such benchmarks being available, and the further requirement on explaining methodology alignment for benchmarks other than interest rate and foreign exchange benchmarks have been removed.
A new paragraph 2aa has been added requiring an administrator to publish an explanation of how ESG factors are reflected for the elements listed in paragraph 2 where the benchmark's legal or marketing documentation refers to consideration of ESG factors, with that explanation to be included in the benchmark statement where one is published under paragraph 1.
Paragraph 2b now refers to the Commission's power to specify information under both paragraphs 2a and 2aa, rather than only paragraph 2a as before, and the reference to Regulation (EU) 2019/2088 has been expanded to include an ELI hyperlink citation.
Cited: Art. 27, v1 · Art. 27, v2
text before / after
02016R1011-20250117 → 02016R1011-20260101
Article 27
Benchmark statement
1. Within two weeks of the inclusion of an administrator in the register referred to in Article 36, the administrator shall publish, by means that ensure fair and easy access, a benchmark statement for each benchmark or, where … 408 unchanged words … data or in the determination of the benchmark, including when a re-determination of the benchmark is required; and
(g) the identification of potential limitations of the benchmark, including its operation in illiquid or fragmented markets and the possible concentration of inputs.
2a. By 30 April 2020, for each of the requirements referred to in paragraph 2, the benchmark statement shall contain an explanation of how ESG factors are reflected in each benchmark or family of benchmarks provided and published. For those benchmarks or families of benchmarks that do not pursue ESG objectives, it shall be sufficient for benchmark administrators to clearly state in the benchmark statement that they do not pursue such objectives.
Where no EU Climate Transition Benchmark or EU Paris-aligned Benchmark is available in the portfolio of that individual benchmark administrator, or the individual benchmark administrator has no benchmarks that pursue ESG objectives or take into account ESG factors, this shall be stated in the benchmark statements of all benchmarks provided by that administrator. For significant equity and bond benchmarks, as well as for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks, benchmark administrators shall disclose in their benchmark statements details on whether or not whether, and to what extent extent, a degree of overall alignment with the target of reducing carbon emissions or the attainment of the objectives of the Paris Agreement is ensured in accordance with the disclosure rules for financial products in Article 9(3) of Regulation (EU) 2019/2088 of the European Parliament and of the Council
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1)..
By 31 December 2021, 1, ELI: http://data.europa.eu/eli/reg/2019/2088/oj)..
2aa. Where a benchmark administrators shall, for each benchmark or, where applicable, each or family of benchmarks, with benchmarks includes in its legal or marketing documentation any reference to the exception consideration of interest rate ESG factors, the administrator shall publish, by means that ensure fair and foreign exchange benchmarks, include in their benchmark statement easy access, an explanation of how their methodology aligns with the target of carbon emission reductions or attains the objectives ESG factors are reflected for each of the Paris Agreement. elements referred to in paragraph 2.
For a benchmark or family of benchmarks that are subject to the publication of a benchmark statement pursuant to paragraph 1, that explanation shall be included in that benchmark statement.
2b. The Commission is empowered to adopt delegated acts in accordance with Article 49 to supplement this Regulation by further specifying the information to be provided in the benchmark statement pursuant to paragraph paragraphs 2a and 2aa of this Article, as well as the standard format to be used for references to ESG factors to enable market participants to make well-informed choices and to ensure the technical feasibility of compliance with that paragraph. those paragraphs.
3. ESMA shall develop draft regulatory technical standards to specify further the contents of a benchmark statement and the cases in which an update of such statement is required.
ESMA shall distinguish between the different types of benchmarks and sectors as set out in this Regulation and shall take into account the principle of proportionality.
ESMA shall submit those draft regulatory technical standards to the Commission by 1 April 2017.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.