Viðmiðunarvísitölur á fjármálamarkaði - 32016R1011

Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 - Benchmarks

Gerð á tungumálum ESB: OJ L 171, 29.6.2016, p. 1

Ákvörðun sameiginlegu nefndarinnar á ensku: OJ L, 2024/62, 11.1.2024

Ákvörðun sameiginlegu nefndarinnar á tungumálum ESB

Reglugerð Evrópuþingsins og ráðsins (ESB) 2016/1011 frá 8. júní 2016 um vísitölur sem notaðar eru sem viðmiðanir í fjármálagerningum og fjárhagslegum samningum eða til að mæla árangur fjárfestingarsjóða og um breytingu á tilskipunum 2008/48/EB og 2014/17/ESB og reglugerð (ESB) nr. 596/2014

Gerð á íslensku: EEA Suppl. No 16, 12.3.2020, p. 72-136

Ákvörðun sameiginlegu nefndarinnar á íslensku: EEA Supplement No 3, 11.1.2024, p. 100

Samlestur enskrar og íslenskra útgáfu (opnast í skiptum glugga)

Tillaga sem gæti verið EES-tæk
Gerð í skoðun hjá EES-EFTA ríkjunum
Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
Tekin upp í EES-samninginn og í gildi
Tekin upp í EES-samninginn en ekki lengur í gildi

Staða og svið tillögu/gerðar

Staða tillögu/gerðar	ESB gerð sem hefur verið tekin upp í EES-samninginn og er í gildi
Svið (EES-samningur, viðauki)	09 Fjármálaþjónusta, 09.05 Ákvæði um allar tegundir fjármálaþjónustu
Ákvörðun sameiginlegu nefndarinnar (JCD)	056/2021
Þennan dag skulu skilyrði uppfyllt á EES-svæðinu	01.11.2021
Staðfestur gildistökudagur	01.11.2021
Í gildi á EES-svæðinu	Já

Almennar upplýsingar

Útdráttur

Reglugerðin hefur að geyma reglur um gerð og notkun viðmiðunarvísitalna á borð við EURIBOR sem liggja til grundvallar ýmsum samningum á sviði fjármálamarkaðar. Meðal annars er mælt fyrir um starfshætti aðila sem taka saman viðmiðunarvísitölur, starfsleyfi, aðferðafræði við vinnslu viðmiðunarvísitalna og eftirlit.

Staða innan stjórnsýslunnar

Stofnun hefur lokið yfirferð	Já
Þörf á aðlögun í ákvörðun sameiginlegu nefndarinnar	Efnislegri aðlögun
Fagráðuneyti hefur lokið vinnu við upplýsingablað og samþykkir drög að ákvörðun sameiginlegu nefndarinnar	Já
Alþingi hefur lokið mati sínu	Já
Utanríkisráðuneyti hefur veitt samþykki fyrir því að drög að ákvörðun sameiginlegu nefndarinnar séu send til ESB	Já
Sent til Alþingis	20.03.2019
Utanríkisráðuneyti hefur veitt samþykki fyrir því að drög að ákvörðun sameiginlegu nefndarinnar séu send til ESB	26.03.2019

Innleiðing

Innleiðing	Lagasetning/lagabreyting
Tilgreinið hvaða lög eða reglugerð þarf að setja eða breyta	Reglugerðin var innleidd með lögum um fjárhagslegar viðmiðanir, nr. 7/2021.
Staða innleiðingarvinnu	Innleiðingarvinnu lokið (tilkynnt til ESA – form 1) eða þarfnast ekki innleiðingar

Samráð

Samráð	Já
Hvaða hagsmunaaðilar	Aðilar sem gera og nota fjárhagslegar viðmiðanir, þar á meðal Kauphöll Íslands hf., fjármálafyrirtæki, lántakar og fjárfestar.
Samráðsgátt	https://samradsgatt.island.is/oll-mal/$Cases/Details/?id=1434
Niðurstöður samráðs	Engar umsagnir bárust.

Áhrif

Nánari útskýring á kostnaði, þ.á.m. á hvern hann fellur	Sjá nánar frummat á áhrifum í samráðsgátt stjórnvalda: https://samradsgatt.island.is/oll-mal/$Cases/Details/?id=1434.
Áætlaður kostnaður hins opinbera	Innan fjárhagsáætlunar
Mat á áhrifum og sérstökum hagsmunum Íslands	Misnotkun aðstöðu til að hafa óeðlileg áhrif á fjárhagslegar viðmiðanir grefur undan trausti á fjármálamörkuðum og skilvirkni þeirra og getur skaðað neytendur og fjárfesta. Almennt má ætla að traust fyrirkomulag um gerð þeirra auki skilvirkni fjármálamarkaða og bæti stöðu neytenda og fjárfesta. Að því leyti má ætla að lögfesting viðmiðanareglugerðarinnar hafi jákvæð áhrif, auk þess sem hún er nauðsynleg til að tryggja samræmi við reglur í öðrum ríkjum á Evrópska efnahagssvæðinu. Á móti vegur að hún leggur nokkrar byrðar á umsjónaraðila viðmiðana og aðila undir eftirliti sem leggja til ílagsgögn. Á heildina litið er ávinningurinn af lögfestingu reglugerðarinnar þó líklega meiri en kostnaðurinn.

Ábyrgðaraðilar

Ábyrgt ráðuneyti	Fjármála- og efnahagsráðuneytið

Samþykktar gerðir birtar í Stjórnartíðindum ESB

CELEX-númer	32016R1011
Þennan dag skulu skilyrði uppfyllt í ESB	08.06.2016
Samþykkt tilvísun í Stjórnartíðindi ESB	OJ L 171, 29.6.2016, p. 1
Þennan dag skulu skilyrði uppfyllt í ESB	03.07.2016

Vinnslustig (pipeline stage)

COM numer	COM(2013) 641
Dagsetning tillögu ESB	18.09.2013
Dagsetning tillögu	18.09.2013
Samþykktardagur i ESB	03.07.2016

Ákvörðun sameiginlegu nefndarinnar

Sendingardagur EFTA á drögum að ákvörðun sameiginlegu nefndarinnar til framkvæmdastjórnarinnar	30.09.2020
Staðfestur gildistökudagur	01.11.2021
Tilvísun í EES-viðbæti	EEA Supplement No 3, 11.1.2024, p. 100
Tilvísun í stjórnartíðindi ESB	OJ L, 2024/62, 11.1.2024

Staða innleiðingar samkvæmt ESA

Staða innleiðingar á Íslandi samkvæmt ESA	Græn: Innleitt
Viðeigandi lög/reglugerði	Lög um fjárhagslegar viðmiðanir

Tillögur að breytingum (Proposed amendments)

COM(2025) 943 52025PC0943	Proposal for a Regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union	Tillaga sem gæti verið EES-tæk
COM(2023) 660 52023PC0660	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	Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
COM(2021) 725 52021PC0725	Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023 amending certain Regulations as regards the establishment and functioning of the European single access point	Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
COM(2020) 337 52020PC0337	Regulation (EU) 2021/168 of the European Parliament and of the Council of 10 February 2021 amending Regulation (EU) 2016/1011 as regards the exemption of certain third-country spot foreign exchange benchmarks and the designation of replacements for certain benchmarks in cessation, and amending Regulation (EU) No 648/2012	Tekin upp í EES-samninginn og í gildi
COM(2018) 355 52018PC0355	Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks	Tekin upp í EES-samninginn og í gildi

Breytt af (Modified by)

32023R2869	amends	Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023 amending certain Regulations as regards the establishment and functioning of the European single access point	Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
32023R2222	extends validity of	Commission Delegated Regulation (EU) 2023/2222 of 14 July 2023 extending the transitional period laid down for third-country benchmarks in Article 51(5) of Regulation (EU) 2016/1011 of the European Parliament and the Council	Tekin upp í EES-samninginn og í gildi
32023L2225	implicitly repeals	Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers and repealing Directive 2008/48/EC	Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
32022R2554	amends	Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011	Tekin upp í EES-samninginn og í gildi
32021R0168	amends	Regulation (EU) 2021/168 of the European Parliament and of the Council of 10 February 2021 amending Regulation (EU) 2016/1011 as regards the exemption of certain third-country spot foreign exchange benchmarks and the designation of replacements for certain benchmarks in cessation, and amending Regulation (EU) No 648/2012	Tekin upp í EES-samninginn og í gildi

Breytir (Modifies)

COM(2013) 641 52013PC0641	adopts	Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 - Benchmarks	Tekin upp í EES-samninginn og í gildi
32014R0596	amends	Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC	Tekin upp í EES-samninginn og í gildi
32014L0017	amends	Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 - MCD	Tekin upp í EES-samninginn og í gildi
32008L0048	amends	Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC	Tekin upp í EES-samninginn og í gildi

Samantekt EUR-Lex

WHAT IS THE AIM OF THE REGULATION?

Regulation (EU) 2016/1011 sets common European Union (EU) standards to prevent the manipulation of benchmarks¹ that could affect the price of financial instruments or financial contracts such as loans or mortgages.

KEY POINTS

Administrators² responsible for the provision of financial benchmarks that are within the scope of Regulation (EU) 2016/1011 must:
- apply robust governance arrangements and clear organisational structures;
- identify, prevent or manage any potential conflicts of interest;
- ensure their staff have the necessary skills, knowledge and experience, and are effectively managed and supervised;
- maintain permanent and effective oversight of all aspects of the benchmarks under their responsibility;
- operate controls to ensure benchmarks comply with the legislation;
- have a system in place to record input data, phone or electronic communications and complaints received and investigated;
- subject any outsourcing to strict conditions;
- publish clear guidelines for different types of input data and the methodology used for calculating benchmarks;
- develop a code of conduct stipulating the responsibilities of contributors providing input data to the administrator;
- have sound administrative and accounting procedures, internal control mechanisms, effective procedures for risk assessment, and effective control and safeguard arrangements for managing ICT systems in accordance with amending Regulation (EU) 2022/2554 (see summary).
The regulation establishes separate regimes for critical benchmarks, which are benchmarks used as a reference for financial instruments, financial contracts or investment funds with a total value of at least €500 billion, or fulfil certain other criteria. For those benchmarks, more stringent requirements apply and supervisors have additional powers to ensure their soundness and continuity.

As a result of the amendments made by Regulation (EU) 2025/914, only critical benchmarks, significant benchmarks, EU Climate Transition Benchmarks (EU CTBs) and EU Paris-aligned Benchmarks (EU PABs) are within the scope of Regulation (EU) 2016/1011. Administrators of other benchmarks are excluded unless they voluntarily opt in. The amending act also revises the designation of significant benchmarks:
- a benchmark reaches the status of ‘significant’ when its average use in the EU exceeds €50 billion over six months, but it may also be designated significant by national authorities (for an EU benchmark) or by the European Securities and Markets Authority (ESMA) (for a benchmark provided by an administrator located outside the EU), even if below the threshold, where its reliability is important for financial stability;
- EU administrators themselves may, under certain conditions, request designation of their benchmarks as significant;
- administrators of benchmarks newly designated as significant must seek authorisation, registration, endorsement or recognition within 60 working days;
- if an administrator fails to comply, competent authorities or ESMA may issue a public notice prohibiting further use of the benchmark.

Specific arrangements exist for commodity benchmarks³, interest rate benchmarks and regulated data benchmarks⁴.
Two types of EU climate benchmarks that are underpinned by a methodology linked to the commitments laid down in the Paris Agreement were introduced into the regulation by amending Regulation (EU) 2019/2089: EU CTBs and EU PABs.
As a result of Regulation (EU) 2025/914, administrators within the scope of Regulation (EU) 2016/1011 are now encouraged, but not legally required, to offer EU CTBs and EU PABs.
Benchmarks claiming to be EU CTBs or EU PABs must be properly registered, and the acronym CTB or PAB must appear in their names.
The regulation also lays down environmental, social and governance (ESG) disclosure requirements, which apply to all benchmarks offered by administrators that offer at least one benchmark that is within the scope of the regulation, with the exception of interest rate and foreign exchange benchmarks.
ESMA establishes and maintains a public register of all authorised or registered administrators.
ESMA’s register must also list all significant, critical, EU CTBs and EU PABs, and any benchmarks subject to a prohibition notice. This information is also made available through the European single access point (ESAP).
Various schemes exist to provide access to the EU market for financial benchmarks and administrators from outside the EU.
Regulation (EU) 2025/914 establishes recognition by ESMA as a permanent route for third-country administrators, alongside endorsement by an EU administrator or equivalence decisions by the European Commission. ESMA now directly supervises third-country administrators under both endorsement and recognition regimes, making it the single contact point in the EU.
EU Member States’ competent authorities have the power to apply appropriate administrative sanctions and other measures for an infringement.
The Commission had to report on the system’s operation to the European Parliament and to the Council of the European Union by 1 January 2020.
The Commission is able to designate a statutory replacement benchmark where a critical benchmark or a non-EU-country benchmark that is of particular relevance in the EU ceases to be provided. This reduces legal uncertainty regarding existing contracts and helps avoid risks to financial stability, and was prompted by the fact that, from January 2022, the London interbank offered rate interest rate benchmark ceased to be published.
In December 2023, amending Regulation (EU) 2023/2869 incorporated within Regulation (EU) 2016/1011 a new article concerning the accessibility of information on the ESAP, established under Regulation (EU) 2023/2859 (see summary). The ESAP will provide access to public financial and sustainability-related information about EU companies and EU investment products. From 10 January 2028, when making public any information required under Regulation (EU) 2016/1011, administrators must also submit that information at the same time to the competent authority, as the collection body, for the purpose of making it accessible on the ESAP. The amending regulation also sets out the conditions with which this information must comply.

Delegated acts

Delegated acts adopted by the Commission include:

Delegated Regulation (EU) 2018/1637 with regard to technical standards in relation to the oversight function;
Delegated Regulation (EU) 2018/1642 with regard to technical standards specifying further the criteria to be taken into account by competent authorities when assessing whether administrators of significant benchmarks should apply certain requirements;
Delegated Regulation (EU) 2020/1816 as regards the explanation in the benchmark statement of how ESG factors are reflected in each benchmark provided and published;
Delegated Regulation (EU) 2020/1817 as regards the minimum content of the explanation on how ESG factors are reflected in the benchmark methodology;
Delegated Regulation (EU) 2020/1818 as regards minimum standards for EU CTBs and EU PABs;
Delegated Regulation (EU) 2021/1348 with regard to technical standards specifying the criteria under which competent authorities may require changes to the compliance statement of non-significant benchmarks;
Delegated Regulation (EU) 2021/1349 with regard to technical standards specifying the criteria for the competent authorities’ compliance assessment regarding the mandatory administration of a critical benchmark;
Delegated Regulation (EU) 2021/1350 with regard to technical standards specifying the requirements to ensure that an administrator’s governance arrangements are sufficiently robust;
Delegated Regulation (EU) 2021/1351 with regard to technical standards specifying the characteristics of the systems and controls for the identification and reporting of any conduct that may involve manipulation or attempted manipulation of a benchmark;
Delegated Regulation (EU) 2021/1352 with regard to technical standards specifying the conditions to ensure that the methodology for determining a benchmark complies with the quality requirements;
Delegated Regulation (EU) 2022/804 specifying rules of procedure for measures applicable to the supervision by ESMA of certain benchmark administrators; and
Delegated Regulation (EU) 2022/805 specifying fees applicable to the supervision by ESMA of certain benchmark administrators.

FROM WHEN DOES THE REGULATION APPLY?

Regulation (EU) 2016/1011 has applied since 1 January 2018, except for certain articles that had already applied since 30 June 2016. These articles largely involve preparatory work, such as the development by ESMA of regulatory technical standards, but also the identification and supervision of critical benchmarks.
The regime applicable to the use of non-EU benchmarks in the EU has applied since 1 January 2026, along with the amendments made by Regulation (EU) 2025/914.
Regulation (EU) 2021/168 has applied since 13 February 2021.

BACKGROUND

Benchmarks are used to price financial instruments and financial contracts or to measure the performance of investment funds. A well-known example of a benchmark is the euro interbank offered rate, used for interbank interest rates. Benchmarks are also used for oil price assessments, stock market indices and the level of personal mortgage payments.
For more information, see:
- Financial benchmarks: Commission welcomes agreement on new rules to prevent manipulation (European Commission)
- EU labels for benchmarks (climate, ESG) and benchmarks’ ESG disclosures (European Commission).

KEY TERMS

Benchmark. A figure that is made public and used to price payments under financial instruments or financial contracts, or to measure the performance of an investment fund.
Administrator. An individual or company/organisation that has control over a benchmark.
Commodity benchmark. A benchmark that measures the price of a commodity.
Regulated data benchmark. Benchmarks determined from input data that is provided by regulated venues, energy exchanges and emission allowance auctions.

MAIN DOCUMENT

Successive amendments to Regulation (EU) 2016/1011 have been incorporated into the original text. This consolidated version is of documentary value only.

Flokkun (Classifications)

EUROVOC	price index, financial market, domestic market, financial control, consumer protection, financial legislation, Euribor
Subject matter	Freedom of establishment