Third-country benchmarks can continue to be used while the regulator reviews pending recognition and endorsement applications under the revised BMR framework.
The European Securities and Markets Authority (Esma) has issued a public statement outlining how benchmarks and administrators will be treated during the transition period under the revised EU Benchmarks Regulation (BMR). The EU regulator has confirmed that benchmarks provided by third-country administrators that applied for recognition or endorsement by 31 December 2025 may continue to be used in the EU while their applications are under review, unless Esma ultimately refuses the request. Admi