Commission Implementing Regulation (EU) 2025/917
This regulation revises the rules for border control posts, aiming for more flexibility in how EU countries operate them. Key changes include:
- Drainage Systems: Clarifies that drainage systems must suit the types of animals or goods handled to prevent contamination.
- Unloading Areas: Expands the list of goods that can be unloaded without a roof, including aquatic animals, certain animal by-products, high-volume bulk goods, and used agricultural machinery.
- Exemptions for Plant BCPs: Allows certain plant BCPs to skip hot and cold running water and easily disinfected ceilings.
- Commercial Storage: Expands the use of commercial storage for identity and physical checks to include plants and plant products.
- Animal Housing: Provides more flexibility in separating certain categories of animals.
- Goods Categories: Updates the categories of goods that can be inspected at designated BCPs, such as allowing inspection of live invertebrates at BCPs for products of animal origin.
Commission Implementing Regulation (EU) 2025/924
This regulation mandates the registration of imports of specific cast iron articles from India and Türkiye. This registration is a preparatory step for a potential anti-dumping investigation. Here’s what it means:
- Registration Requirement: Customs authorities must register imports of lamellar graphite cast iron or spheroidal graphite cast iron, excluding specific items like channel gratings and fire hydrants.
- Potential Retroactive Duties: If the investigation confirms dumping practices, anti-dumping duties could be applied retroactively to these registered imports.
- Duration: The registration requirement is set to expire nine months after the regulation’s entry into force.
Commission Implementing Regulation (EU) 2025/901
This regulation establishes a list of essential substances for treating horses, focusing on food-producing animals. Key points:
- Essential Substances List: Provides a list of substances considered essential or offering significant clinical advantages for treating equine species.
- Withdrawal Period: Sets a six-month withdrawal period for these substances when used in food-producing equines.
- Categories: Differentiates between “essential” substances (used when no alternatives exist) and substances “bringing added clinical benefit” (improved efficacy or safety).
- Annex: Lists substances by therapeutic use, specifying indications, alternatives, and advantages, marked as either “essential” or “bringing added clinical benefit.”
Commission Implementing Regulation (EU) 2025/920
This regulation updates aviation security measures, focusing on changes based on experience and evolving threats. Highlights:
- Airport Security Standards: Removes Kangerlussuaq (Greenland), Guernsey, Isle of Man, and Jersey airports from lists of locations applying equivalent security standards. Ben Gurion Airport (Tel Aviv) is also removed from certain lists.
- Cargo Security: Clarifies terms related to air cargo and mail security, including stricter requirements for regulated agents verifying the identity of consignments.
- Explosive Detection Dogs: From 1 January 2026, cargo and mail screening using explosive detection dogs (EDD) will be approved only after validation by the appropriate authority.
- Security Personnel Certification: Standardizes certification and recertification processes, with requirements for theoretical, practical, and image interpretation tests.
- Equipment Testing: Introduces detailed requirements for routine testing of security equipment.
Commission Implementing Regulation (EU) 2025/899
This regulation re-authorizes the entry of registered horses from Thailand into the EU, which had been suspended due to African horse sickness. Key points:
- Re-authorization: Lifts the suspension on registered horse imports from Thailand.
- Conditions: Allows trade under specific animal health requirements and certifications (EQUI-X, EQUI-RE-ENTRY-30, EQUI-RE-ENTRY-90-COMP).
- End Date: Sets a new end date (9.6.2025) for the authorization, indicating a future review.
Commission Implementing Regulation (EU) 2025/912
This regulation establishes a standardized template for Member States to use when creating their national restoration plans, as required under Regulation (EU) 2024/1991 on nature restoration. Key aspects:
- Uniform Format: Provides a detailed template for national restoration plans.
- Structured Approach: Covers basic information, targets, co-benefits, financial information, monitoring, and specific restoration targets for various ecosystems.
- Comprehensive Sections: Includes sections on pollinator diversity, agricultural and forest ecosystems, and tree planting, with fields for describing measures, their spatial information, and estimated financial needs.
Regulation (EU) 2025/941
This regulation establishes a unified framework for EU labour market statistics related to businesses, providing accurate and comparable data for EU policies. Key points:
- Data Requirements: Specifies data collection domains (earnings, labour costs, labour demand) and topics (e.g., gender pay gap, labour cost index, job vacancies).
- Data Sources: Requires Member States to use a combination of data sources, including statistical surveys, administrative data, and data from private data holders.
- Gender Pay Gap: Mandates the annual transmission of gender pay gap data.
- Quality Requirements: Emphasizes data quality and requires Member States to transmit quality reports on the sources and methods used.
Regulation (EU) 2025/925
This regulation establishes a framework to facilitate the identification and resolution of cross-border obstacles in border regions, to foster economic, social, and territorial cohesion. Key aspects:
- Cross-Border Coordination Points: Allows Member States to establish these points to act as a single contact for cross-border projects.
- Cross-Border Files: Details the preparation, submission, and assessment of cross-border files.
- Cross-Border Facilitation Tool: Provides a structured procedure for addressing cross-border obstacles.
- Commission Coordination: The Commission is responsible for setting up a public register of cross-border files and promoting the exchange of experiences.
Regulation (EU) 2025/914
This regulation amends Regulation (EU) 2016/1011 on benchmarks, aiming to streamline reporting requirements, reduce the regulatory burden on smaller benchmark administrators, and refine rules for third-country benchmarks. Key changes:
- Scope Reduction: Restricts the scope of certain titles of Regulation (EU) 2016/1011 to critical, significant, EU Climate Transition, and EU Paris-aligned Benchmarks.
- Opt-in Regime: Allows administrators excluded from the scope to request their benchmarks to be designated as significant.
- Third-Country Benchmarks: Recognition of third-country benchmark administrators becomes a permanent means of accessing the Union market.
- Transparency: ESMA will maintain a register of benchmarks.
- ESG Disclosures: Benchmarks referencing ESG factors must disclose how these factors are reflected in their methodology.
Review of each of legal acts published today:
Commission Implementing Regulation (EU) 2025/917 of 19 May 2025 amending Implementing Regulation (EU) 2019/1014 to lay down detailed rules on minimum requirements for border control posts, including inspection centres, and for the format, categories and abbreviations to use for listing border control posts and control points
This Commission Implementing Regulation (EU) 2025/917 amends Implementing Regulation (EU) 2019/1014, which lays down detailed rules on minimum requirements for border control posts (BCPs), including inspection centers, and specifies the format, categories, and abbreviations for listing BCPs and control points. The amending regulation aims to clarify and update certain provisions related to infrastructure requirements, the handling of specific goods, and the categories of animals and goods that can be inspected at BCPs. These changes are intended to provide more flexibility and clarity for Member States in implementing the regulations while maintaining appropriate levels of control and safety.
The regulation modifies several articles of Implementing Regulation (EU) 2019/1014. It clarifies drainage requirements at BCPs, specifying that drainage systems must be suitable for the types of animals or goods handled to prevent contamination. It expands the conditions under which unloading areas do not need to be covered by a roof, including allowing the unloading of aquatic animals, fishery products, certain animal by-products, high-volume bulk goods, and used agricultural and forestry machinery in roofless areas. The regulation also provides exemptions for certain BCPs designated for plants and plant products from requirements to have hot and cold running water and easily disinfected ceilings. Furthermore, it expands the use of commercial storage facilities for identity and physical checks to include plants, plant products, and other objects under specific conditions. The regulation also amends the requirements for housing areas for animals, allowing for more flexibility in separating certain categories of animals. Finally, it updates the categories of goods that can be inspected at BCPs designated for specific goods, such as allowing the inspection of live invertebrates at BCPs designated for products of animal origin.
The most important provisions of this act are those that provide increased flexibility to Member States in the operation of border control posts. Specifically, the changes related to unloading areas, exemptions for certain BCPs, and the use of commercial storage facilities could significantly impact how checks are performed. The clarification regarding drainage systems ensures that hygiene standards are maintained appropriately for the goods being handled. Additionally, the amendments to Annex II, which concern the abbreviations and specifications for categories of animals and goods, are crucial for ensuring coherence in the information Member States make public about their designated BCPs.
Commission Implementing Regulation (EU) 2025/924 of 19 May 2025 making imports of certain cast iron articles originating in India and Türkiye subject to registration
This Commission Implementing Regulation (EU) 2025/924 mandates the registration of imports of certain cast iron articles originating from India and Türkiye. This action is a preliminary step in an anti-dumping investigation, potentially leading to the imposition of anti-dumping duties that could be applied retroactively. The regulation ensures that if the investigation confirms dumping practices, duties can be levied on registered imports.
The regulation consists of a preamble outlining the reasons for the registration and two articles. Article 1 specifies that customs authorities must register imports of certain cast iron articles (lamellar graphite cast iron or spheroidal graphite cast iron) and parts thereof, originating in India and Türkiye. It defines the types of articles subject to registration, excluding specific items like channel gratings, floor drains, and fire hydrants. It also provides the relevant CN and TARIC codes for the products, while noting that these are for informational purposes only and may be subject to change. Article 2 states that the regulation will enter into force the day after its publication in the Official Journal of the European Union and that the registration requirement will expire nine months after the regulation’s entry into force. There are no direct changes compared to previous versions, as this is a newly issued regulation.
The most important provision is Article 1, which directs customs authorities to register specific cast iron imports from India and Türkiye. This registration is crucial because it allows for the potential retroactive application of anti-dumping duties if the ongoing investigation confirms dumping practices. Businesses importing these products from these countries should be aware of this registration requirement and its potential financial implications.
Commission Implementing Regulation (EU) 2025/901 of 19 May 2025 establishing a list of substances which are essential for the treatment of equine species, or which bring added clinical benefit compared to other treatment options available for equine species and for which the withdrawal period for equine species shall be six months and repealing Regulation (EC) No 1950/2006
Here’s a breakdown of Commission Implementing Regulation (EU) 2025/901:
**1. Essence of the Act:**
This regulation establishes a list of substances considered essential for treating equine species (horses) or offering significant clinical advantages over other available treatments. It sets a six-month withdrawal period for these substances when used in food-producing equines to ensure consumer safety. The regulation replaces and repeals the previous Regulation (EC) No 1950/2006, updating the list of permitted substances based on experience and new scientific evidence.
**2. Structure and Main Provisions:**
* **Article 1:** Defines the scope of the regulation, stating that the list of essential substances is outlined in the Annex.
* **Article 2:** Sets rules for using the listed substances, differentiating between “essential” substances (used when no satisfactory alternatives exist) and substances “bringing added clinical benefit” (offering improved efficacy, safety, or contribution to treatment). It also prohibits the use of substances listed in the Annex if they are also prohibited under other EU regulations (Regulation (EU) No 37/2010 or Directive 96/22/EC).
* **Article 3:** Repeals Regulation (EC) No 1950/2006 with effect from 21 May 2027 and specifies that references to the repealed Regulation should be understood as references to this new Regulation.
* **Article 4:** Specifies the entry into force and application date of the regulation.
* **Annex:** The core of the regulation, this section lists substances categorized by therapeutic use (e.g., anesthetics, analgesics, antimicrobials). For each substance, it specifies the indications for use, identifies potential alternatives, and explains the specific advantages of using the listed substance. The substances are marked with “a” if they are essential and with “b” if they bring added clinical benefit.
**3. Main Provisions for Practical Use:**
* **The Annex is Key:** Veterinarians and animal keepers should consult the Annex to determine which substances are permitted for use in food-producing equines, the specific conditions they can be used for, and the available alternatives.
* **Two Categories of Substances:** Pay attention to whether a substance is classified as “essential” or “bringing added clinical benefit,” as this affects the conditions under which it can be used. Essential substances have stricter criteria for use (no satisfactory alternatives).
* **Six-Month Withdrawal Period:** Remember that all substances listed in the Annex are subject to a six-month withdrawal period in food-producing equines.
* **Check for Prohibitions:** Before using any substance from the Annex, verify that it is not prohibited under other EU legislation (Regulation (EU) No 37/2010 or Directive 96/22/EC).
* **Transitional Period:** Note the repeal of Regulation (EC) No 1950/2006 is with effect from 21 May 2027, allowing time to adapt to the new rules.
Commission Implementing Regulation (EU) 2025/920 of 19 May 2025 amending Implementing Regulation (EU) 2015/1998 as regards certain detailed measures for the implementation of the common basic standards on aviation security
This is Commission Implementing Regulation (EU) 2025/920 amending Implementing Regulation (EU) 2015/1998, which lays down detailed measures for the implementation of the common basic standards on aviation security. The new regulation addresses the need for adjustments based on experience and evolving threats. These adjustments include updates to the lists of third countries recognized for equivalent security standards, enhancements to air cargo and mail security, and clarifications regarding the training, certification, and testing of security personnel and equipment.
The structure of the regulation is straightforward. It consists of two articles and an annex. Article 1 states that the Annex to Implementing Regulation (EU) 2015/1998 is amended in accordance with the text in the Annex to this regulation. Article 2 specifies the entry into force, with most provisions taking effect the day after publication, except for points 8, 10, and 11 of the Annex, which apply from 1 January 2026. The Annex details the specific amendments to Implementing Regulation (EU) 2015/1998, including deletions of certain airports from security standard lists, additions to the definitions, and revisions to procedures for cargo handling, security personnel certification, and equipment testing.
The most important provisions for practical use include:
– The removal of Kangerlussuaq (Greenland), Guernsey, Isle of Man, and Jersey airports from the lists of locations applying equivalent security standards. Ben Gurion Airport (Tel Aviv) is also removed from certain lists.
– Clarification of the terms “business relationship” and “established business relationship” in the context of air cargo and mail security.
– Stricter requirements for regulated agents when accepting consignments, including identity verification of the person delivering the items.
– As of 1 January 2026, ACC3 or RA3 may be approved for the use of explosive detection dogs (EDD) to screen cargo and mail destined to the Union only if during the EU aviation security validation process the appropriate authority or the EU aviation security validator has observed the EDD screening process and has assessed it as meeting the objectives listed in the checklist set out in Attachment 6-M.
– Standardisation of certification and recertification processes for security personnel, with specific requirements for theoretical and practical tests, as well as image interpretation tests for X-ray and EDS equipment operators.
– Introduction of the possibility for certified instructors to conduct practical tests under certain conditions and under control of the appropriate authority.
– More detailed requirements for routine testing of security equipment to promptly identify malfunctions.
Commission Implementing Regulation (EU) 2025/899 of 19 May 2025 amending Annex IV to Implementing Regulation (EU) 2021/404 as regards the entry for Thailand in the list of third countries or territories or zones thereof authorised for the entry into the Union of consignments of equine animals
This Commission Implementing Regulation (EU) 2025/899 amends Annex IV to Implementing Regulation (EU) 2021/404, specifically regarding the entry for Thailand in the list of third countries authorized for the entry into the Union of consignments of equine animals. The regulation re-authorizes the entry into the Union of registered horses from Thailand, which had been suspended due to an outbreak of African horse sickness (AHS) in 2020. This decision is based on a recent Commission audit that confirmed Thailand’s successful eradication of AHS and its ability to maintain its AHS-free status, as well as the implementation of an action plan to address identified shortcomings, including a surveillance program for surra.
The regulation consists of two articles and an annex. Article 1 states that Annex IV to Implementing Regulation (EU) 2021/404 is amended in accordance with the Annex to this regulation. Article 2 specifies that the regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union. The Annex replaces the entry for Thailand in Part 1 of Annex IV to Implementing Regulation (EU) 2021/404, re-authorizing the entry of registered horses under specific conditions (EQUI-X, EQUI-RE-ENTRY-30, EQUI-RE-ENTRY-90-COMP) and setting a new end date (9.6.2025).
The most important provision of this regulation is the re-authorization of registered horse imports from Thailand into the EU, which had been suspended since April 6, 2020. This change allows for the resumption of trade in registered horses between Thailand and the EU, subject to the specified animal health requirements and certifications indicated by the codes EQUI-X, EQUI-RE-ENTRY-30, and EQUI-RE-ENTRY-90-COMP. The regulation also sets a new end date for the authorization, indicating a need for future review or renewal.
Commission Implementing Regulation (EU) 2025/912 of 19 May 2025 laying down rules for the application of Regulation (EU) 2024/1991 of the European Parliament and of the Council as regards a uniform format for the national restoration plan
This is a description of the Commission Implementing Regulation (EU) 2025/912 of 19 May 2025, which lays down rules for the application of Regulation (EU) 2024/1991 of the European Parliament and of the Council as regards a uniform format for the national restoration plan.
The regulation establishes a standardized template for Member States to use when creating their national restoration plans, which are required under Regulation (EU) 2024/1991 on nature restoration. This uniform format ensures that all the necessary elements and contents, as listed in Article 15 of the Regulation (EU) 2024/1991, are included in a structured manner. It aims to streamline the planning process, facilitate the reuse of information, and ensure effective assessment and review of the restoration measures.
The Implementing Regulation consists of two articles and an annex. Article 1 states that the uniform format for the national restoration plan is set out in the Annex to the Regulation. Article 2 specifies that the regulation will enter into force twenty days after its publication in the Official Journal of the European Union and is binding in its entirety and directly applicable in all Member States. The Annex provides a detailed template for the national restoration plan, including sections on basic information, overarching targets, co-benefits, financial information, monitoring, and specific restoration targets for various ecosystems such as terrestrial, coastal, freshwater, marine, and urban areas. It also covers aspects like pollinator diversity, agricultural and forest ecosystems, and tree planting. The template includes fields for describing measures, their spatial information, and estimated financial needs.
The most important aspect of this regulation is the detailed Annex, which provides a structured format for Member States to report their national restoration plans. This format ensures that all essential information is included, facilitating comparison and assessment across different Member States. The structured approach covers various aspects, from basic information and overarching targets to detailed measures for specific ecosystems, financial needs, and monitoring systems.
Regulation (EU) 2025/941 of the European Parliament and of the Council of 7 May 2025 on European Union labour market statistics on businesses, repealing Council Regulation (EC) No 530/1999 and Regulations (EC) No 450/2003 and (EC) No 453/2008 of the European Parliament and of the Council (Text with EEA relevance)
Okay, here’s a breakdown of Regulation (EU) 2025/941 concerning European Union labour market statistics on businesses.
This regulation aims to establish a unified framework for the creation, production, and dissemination of labour market statistics related to businesses within the EU. It seeks to provide accurate and comparable data essential for shaping and evaluating EU policies, particularly those focused on economic, social, and territorial cohesion, as well as the European employment strategy. The regulation also addresses the need for data to monitor macroeconomic imbalances and adequate minimum wages across Member States. Finally, it repeals and replaces previous regulations to simplify and harmonize the legal landscape in this area.
**Structure and Key Provisions:**
The regulation is structured around several key areas:
* **Subject Matter and Definitions (Articles 1-2):** It defines the scope of the regulation and provides definitions for key terms like “statistical unit,” “enterprise,” “employee,” “gender pay gap,” and other relevant concepts.
* **Sources and Methods (Article 3):** Member States are required to use a combination of data sources, including statistical surveys, administrative data, data from private data holders, and other sources, ensuring the quality of the statistics produced.
* **Data Requirements (Article 4 & Annex):** This is a central part, specifying the domains (earnings, labour costs, labour demand) and topics (e.g., structure of earnings, gender pay gap, labour cost index, job vacancies) for which data must be collected. The Annex provides detailed information on the periodicity, reference periods, and data transmission deadlines for each topic. The Commission is empowered to adopt delegated acts to amend the list of detailed topics.
* **Early Estimates (Article 5):** Certain larger Member States are required to transmit early estimates for the labour cost index and job vacancies.
* **Statistical Units and Population (Article 6):** Defines the statistical units (enterprises, local units, employees) and the specific populations to be covered for each topic.
* **Quality Requirements and Reporting (Article 7):** Emphasizes the importance of data quality and requires Member States to transmit quality reports on the sources and methods used.
* **Feasibility and Pilot Studies (Article 8):** Allows the Commission to initiate feasibility and pilot studies to improve labour market statistics and reduce the burden on enterprises.
* **Financing (Article 9):** Addresses the financial contributions available to national statistical institutes for improving data collection and participating in pilot studies.
* **Protection of Financial Interests (Article 10):** Includes measures to protect the Union’s financial interests against fraud and irregularities.
* **Derogations (Article 11):** Allows the Commission to grant derogations to Member States if the application of the regulation requires major changes to their national statistical systems.
* **Exercise of Delegation (Article 12):** Sets out the conditions for the Commission to adopt delegated acts.
* **Committee Procedure (Article 13):** Specifies the committee that will assist the Commission in implementing the regulation.
* **Repeal (Article 14):** Repeals previous regulations (EC) No 530/1999, (EC) No 450/2003 and (EC) No 453/2008.
* **Entry into Force (Article 15):** Specifies the date of entry into force and application of the regulation.
**Main Provisions for Practical Use:**
* **Data Collection Scope:** The regulation broadens the scope of data collection, particularly regarding the gender pay gap, aligning with the requirements of Directive (EU) 2023/970.
* **Data Sources:** It encourages the use of diverse data sources, including administrative data and privately held data, to reduce the burden on businesses.
* **Flexibility:** The regulation provides flexibility for Member States in choosing data collection methods, as long as quality requirements are met.
* **Regular Updates:** The Commission is empowered to update the detailed topics and technical specifications through delegated and implementing acts, ensuring the statistics remain relevant.
* **Quality Focus:** The emphasis on quality reporting and assessment aims to improve the reliability and comparability of labour market statistics across the EU.
* **Gender Pay Gap:** The regulation mandates the annual transmission of gender pay gap data, which is crucial for monitoring Sustainable Development Goal 5 on Gender Equality and for enforcing the principle of equal pay.
Regulation (EU) 2025/925 of the European Parliament and of the Council of 7 May 2025 on a Border Regions’ instrument for development and growth (BRIDGEforEU)
This is an analysis of Regulation (EU) 2025/925 of the European Parliament and of the Council of 7 May 2025 on a Border Regions’ instrument for development and growth (BRIDGEforEU).
This Regulation establishes a framework to facilitate the identification and resolution of cross-border obstacles that hinder the development and functioning of infrastructure necessary for cross-border activities or cross-border public services. It aims to foster economic, social, and territorial cohesion in border regions by allowing Member States to cooperate and coordinate their efforts in resolving these obstacles. The regulation introduces the concept of cross-border coordination points within Member States to handle cross-border files and liaise with the Commission. The use of the framework established under this Regulation is optional for Member States.
The Regulation is structured into five chapters and an annex:
* **Chapter I (Articles 1-3):** General Provisions, defining the subject matter, scope, and key terms like “cross-border interaction,” “cross-border obstacle,” and “initiator.”
* **Chapter II (Articles 4-6):** Cross-Border Coordination Points and Relevant Authorities, outlining the establishment, tasks, and information requirements for cross-border coordination points, as well as provisions for Member States without such points.
* **Chapter III (Articles 7-10):** Cross-Border Files, detailing the preparation, submission, and assessment of cross-border files, including timelines and information to be provided to the initiator.
* **Chapter IV (Articles 11-12):** Cross-Border Facilitation Tool, describing the procedure for applying this tool to resolve cross-border obstacles, including steps for administrative and legislative provisions.
* **Chapter V (Articles 13-15):** Final Provisions, covering the coordination tasks of the Commission, monitoring and reporting, and the regulation’s entry into force.
* **Annex:** Specifies the electronic data exchange requirements between Member States and the Commission.
Key provisions of the act include:
* **Establishment of Cross-Border Coordination Points (Article 4):** Member States can establish these points at national or regional level to act as a single contact for initiators of cross-border projects.
* **Tasks of Cross-Border Coordination Points (Article 5):** These points liaise with initiators, assess cross-border files, and coordinate with relevant authorities in neighboring Member States and the Commission.
* **Preparation and Submission of Cross-Border Files (Articles 7-8):** Initiators must prepare a file with specific information about the cross-border interaction, the obstacle, and its impact.
* **Assessment Steps (Article 9):** The cross-border coordination point assesses the file, identifies obstacles, and determines the appropriate course of action, including relying on international agreements or creating ad hoc mechanisms.
* **Cross-Border Facilitation Tool (Articles 11-12):** This tool provides a structured procedure for addressing cross-border obstacles, involving communication with competent authorities and potential amendments to administrative or legislative provisions.
* **Coordination Tasks of the Commission (Article 13):** The Commission is responsible for setting up a public register of cross-border files, liaising with coordination points, and promoting the exchange of experiences.
Regulation (EU) 2025/914 of the European Parliament and of the Council of 7 May 2025 amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements (Text with EEA relevance)
Here is a description of the provisions of Regulation (EU) 2025/914.
This Regulation amends Regulation (EU) 2016/1011 on benchmarks used in financial instruments and contracts. The amendments aim to streamline reporting requirements, reduce the regulatory burden on administrators of smaller benchmarks, and refine the rules for third-country benchmarks used in the Union. It also addresses specific issues related to climate transition benchmarks, foreign exchange benchmarks, and commodity benchmarks.
The Regulation is structured around amendments to specific articles of Regulation (EU) 2016/1011. Key changes include:
* **Scope Reduction:** Titles II, III (except Articles 23a, 23b, and 23c), IV, V, and VI of Regulation (EU) 2016/1011 now apply only to critical benchmarks, significant benchmarks, EU Climate Transition Benchmarks, and EU Paris-aligned Benchmarks.
* **Opt-in Regime:** Administrators excluded from the scope can request their competent authority to designate their benchmarks as significant.
* **Exemption for Spot FX Benchmarks:** The Commission is empowered to exempt spot foreign exchange benchmarks referencing currencies with currency controls.
* **Climate Transition Benchmarks:** Deletes the requirement for administrators of significant benchmarks to provide an EU Climate Transition Benchmark or an EU Paris-aligned Benchmark.
* **Monitoring and Notification:** Benchmark administrators must monitor the use of their benchmarks in the Union and notify the relevant authority when usage reaches EUR 50 billion.
* **Designation of Significant Benchmarks:** Competent authorities and ESMA can designate benchmarks as significant based on specific criteria, even if they do not reach the EUR 50 billion threshold.
* **Third-Country Benchmarks:** Recognition of third-country benchmark administrators becomes a permanent means of accessing the Union market. ESMA will centrally supervise administrators from third countries.
* **Transparency:** ESMA will maintain a register of benchmarks, including those subject to detailed requirements, climate transition benchmarks, and those for which public notices have been issued.
* **ESG Disclosures:** Benchmarks referencing ESG factors must disclose how these factors are reflected in their methodology.
The most important provisions for practical use are:
* **Article 24:** Defines significant benchmarks and sets out the conditions and procedures for their designation. This includes thresholds, notification requirements, and the roles of competent authorities and ESMA.
* **Article 24a:** Establishes requirements for administrators of significant benchmarks, including the need for authorization, registration, recognition, or endorsement. It also outlines the consequences of non-compliance, such as public notices and restrictions on the use of the benchmark.
* **Article 29:** Restricts the use of benchmarks that are subject to public notices or whose administrators are not registered. It also requires supervised entities to have plans for alternative benchmarks.
* **Article 32 and 33:** Detail the processes for recognition and endorsement of third-country benchmarks, respectively, clarifying the roles and responsibilities of administrators and ESMA.
* **Article 36:** Specifies the content and maintenance of the ESMA register, which is crucial for determining the regulatory status of benchmarks.
This Regulation aims to refine the existing framework for benchmarks, focusing on the most critical and economically relevant benchmarks while reducing the burden on smaller administrators. It also enhances transparency and ensures better supervision of benchmarks, particularly those from third countries and those related to climate transition.
