in force 2026-01-01 MODIFIED+321 −561§
Amended by Regulation (EU) 2025/914 32025R0914
applies from: unchanged
The provision now directs the endorsement application, the information supporting it, and the examination and decision on it to ESMA rather than to the relevant national competent authority, and the earlier requirement that the competent authority notify ESMA of an endorsed benchmark is replaced by a rule on transferring authorisation or registration competences to ESMA within six months of the endorsement decision.
The reference to any other supervised entity located in the Union with a clear and well-defined role within the control or accountability framework of a third country administrator as an eligible applicant is removed, so paragraphs 1, 4, 5 and 6 now speak only of the endorsing administrator rather than of an administrator or other supervised entity.
Paragraph 6 also drops the earlier requirement that the competent authority inform ESMA when it requires cessation of an endorsement, since that power and role are now assigned to ESMA itself.
Cited: Art. 33, v1 · Art. 33, v2
text before / after
02016R1011-20250117 → 02016R1011-20260101
Article 33
Endorsement of benchmarks provided in a third country
1. An administrator located in the Union and authorised or registered in accordance with Article 34, or any other supervised entity located in the Union with a clear and well-defined role within under the control or accountability framework of an administrator located in a third country administrator, country, which is able to monitor effectively the provision of a benchmark, may apply to the relevant competent authority ESMA to endorse a benchmark or a family of benchmarks provided in a third country for their use in the Union, provided that all of the following conditions are fulfilled:
(a) the endorsing administrator or other supervised entity has verified and is able to demonstrate on an on-going basis to its competent authority that the provision of the benchmark or family of benchmarks to be endorsed fulfils, on a mandatory or on a voluntary basis, requirements which are at least as stringent as the requirements of this Regulation;
(b) the endorsing administrator or other supervised entity has the necessary expertise to monitor effectively the activity of the provision of a benchmark in a third country and to manage the associated risks;
(c) there is an objective reason to provide the benchmark or family of benchmarks in a third country and for said benchmark or family of benchmarks to be endorsed for their use in the Union.
For the purpose of point (a), when assessing whether the provision of the benchmark or family of benchmarks to be endorsed fulfils requirements which are at least as stringent as the requirements of this Regulation, the competent authority may take into account whether the compliance of the provision of the benchmark or family of benchmarks with the IOSCO principles for financial benchmarks or the IOSCO principles for PRAs, as applicable, would be equivalent to compliance with the requirements of this Regulation.
2. An administrator or other supervised entity that makes submits an application for endorsement as referred to in paragraph 1 shall provide all information necessary to satisfy the competent authority ESMA that, at the time of application, all the conditions referred to in that paragraph are fulfilled.
3. Within 90 working days of receipt of the application for endorsement referred to in paragraph 1, the relevant competent authority ESMA shall examine the application and adopt a decision either to authorise the endorsement or to refuse it. An endorsed benchmark Where ESMA authorises the endorsement, the competences in relation to the authorisation or an endorsed family registration, as applicable, of benchmarks the administrator that applied for endorsement shall be notified by transferred to ESMA within 6 months of the competent authority to ESMA. authorisation of endorsement.
4. An endorsed benchmark or an endorsed family of benchmarks shall be considered to be a benchmark or family of benchmarks provided by the endorsing administrator or other supervised entity. administrator. The endorsing administrator or other supervised entity shall not use the endorsement with the intention of avoiding the requirements of this Regulation.
5. An administrator or other supervised entity that has endorsed a benchmark or a family of benchmarks provided in a third country shall remain fully responsible for such a benchmark or family of benchmarks and for compliance with the obligations under this Regulation.
6. Where the competent authority of the endorsing administrator or other supervised entity ESMA has well-founded reasons to consider that the conditions laid down under paragraph 1 of this Article are no longer fulfilled, it shall have the power to require the endorsing administrator or other supervised entity to cease the endorsement and shall inform ESMA thereof. endorsement. Article 28 shall apply in case of cessation of the endorsement.
7. The Commission shall be empowered to adopt delegated acts in accordance with Article 49 concerning measures to determine the conditions under which the relevant competent authorities ESMA may assess whether there is an objective reason for the provision of a benchmark or family of benchmarks in a third country and their endorsement for their use in the Union. The Commission shall take into account elements such as the specificities of the underlying market or economic reality the benchmark intends to measure, the need for proximity of the provision of the benchmark to such market or economic reality, the need for proximity of the provision of the benchmark to contributors, the material availability of input data due to different time zones, and specific skills required in the provision of the benchmark.