in force 2026-01-01 MODIFIED+3,481 −127§
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 added to the text: 2017-06-14
The heading and Article 29(1) shift from a general permission to use any registered benchmark to a prohibition on adding new references to a significant, critical, commodity (Annex II), EU Climate Transition or EU Paris-aligned benchmark whose administrator is subject to a public notice under Article 24a(6) or not on the Article 36 register, with new provisions on ESAP/register consultation and on ESMA or competent authority allowing continued use for 6 to 24 months in specified circumstances.
A new paragraph 1b requires a supervised entity using an affected benchmark in existing contracts or instruments to replace it within 6 months of a public notice under Article 24a(6) or to publish a reasoned statement explaining why it has not done so, a requirement not present in the earlier text.
Paragraph 2 changes its reference from prospectuses under Directive 2003/71/EC to prospectuses under Regulation (EU) 2017/1129, expands the categories of referenced benchmarks to include critical, significant, commodity, Climate Transition and Paris-aligned benchmarks, and adds a further subparagraph requiring prospectuses to reflect, without undue delay, any public notice under Article 24a(6) entered in the Article 36 register, compared with the earlier single-paragraph wording.
Cited: Art. 29, v2 · Art. 29, v1
text before / after
texts differ too much for an inline diff; shown separately
before (02016R1011-20250117)
Article 29 Use of a benchmark 1. A supervised entity may use a benchmark or a combination of benchmarks in the Union if the benchmark is provided by an administrator located in the Union and included in the register referred to in Article 36 or is a benchmark which is included in the register referred to in Article 36. 1a. A supervised entity may also use the replacement for a benchmark designated in accordance with Article 23b or Article 23c. 2. Where the object of a prospectus to be published under Directive 2003/71/EC or Directive 2009/65/EC is transferable securities or other investment products that reference a benchmark, the issuer, offeror, or person asking for admission to trade on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether the benchmark is provided by an administrator included in the register referred to in Article 36 of this Regulation.
after (02016R1011-20260101)
Article 29 Use of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks 1. A supervised entity shall not add new references to a significant benchmark or a combination of such benchmarks in the Union where that benchmark or combination of benchmarks is the object of a public notice issued by a competent authority or ESMA in accordance with Article 24a(6). A supervised entity shall not add new references to a critical benchmark, a commodity benchmark subject to Annex II, an EU Climate Transition Benchmark, an EU Paris-aligned Benchmark or a combination that includes any such benchmarks in the Union where the administrator of those benchmarks is not included in the register referred to in Article 36. Supervised entities shall regularly consult ESAP or the register referred to in Article 36 to verify the regulatory status of the administrators of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks or EU Paris-Aligned Benchmarks they intend to use. By way of derogation from the first subparagraph, and where necessary to avoid serious market disruptions, ESMA or the competent authority, as applicable, may allow the use of a benchmark subject to a public notice issued in accordance with Article 24a(6) for a period of between 6 and 24 months following the publication of the public notice. ESMA or the competent authority shall determine the duration of the period referred to in the third subparagraph taking into account: (a) the total value of financial instruments or financial contracts within the Union for which the benchmark serves as a reference and of investment funds within the Union for which it is used to measure the performance; (b) the availability of alternative benchmarks; (c) the complexity of replacing the benchmark and the time needed to reduce, hedge or offset existing exposures. 1a. A supervised entity may also use the replacement for a benchmark designated in accordance with Article 23b or Article 23c. 1b. A supervised entity that uses a benchmark in existing financial contracts or financial instruments that is subject to a public notice under Article 24a(6) shall replace that benchmark with an appropriate alternative within 6 months of the publication of that notice, or issue and publish a statement on its website providing clients with a reasoned explanation for not being able to do so. 2. Where the object of a prospectus to be published under Regulation (EU) 2017/1129 of the European Parliament and of the CouncilRegulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12, ELI: http://data.europa.eu/eli/reg/2017/1129/oj). or Directive 2009/65/EC is transferable securities or other investment products that reference a critical benchmark, a significant benchmark, a commodity benchmark subject to Annex II of this Regulation, an EU Climate Transition Benchmark, or an EU Paris-aligned Benchmark, the issuer, offeror, or person asking for admission to trade on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether the benchmark is provided by an administrator included in the register referred to in Article 36 of this Regulation. Where the object of a prospectus to be published under Regulation (EU) 2017/1129 or Directive 2009/65/EC is transferable securities or other investment products that reference a critical benchmark, a significant benchmark, a commodity benchmark subject to Annex II of this Regulation, an EU Climate Transition Benchmark, or an EU Paris-aligned Benchmark, the issuer, offeror, or person asking for admission to trade on a regulated market shall ensure that when a public notice pursuant to Article 24a(6) of this Regulation on the benchmark used is included in the register referred to in Article 36 of this Regulation the prospectus also includes, without undue delay following the publication of the public notice, that information in a clear and prominent manner.