A non-critical benchmark is significant if either: (a) it is used directly or indirectly within a combination of benchmarks in the Union as a reference for financial instruments or contracts or for measuring the performance of investment funds with a total average value of at least EUR 50 billion over a six‑month period, judged by range of maturities/tenors, currencies or units of measurement, and return calculation methodologies; or (b) it is designated significant under the procedures set out in paragraphs 3–7. Administrators must notify the competent authority where they are located, or ESMA for third‑country administrators, immediately when one or more benchmarks reach the paragraph 1(a) threshold, and the authority or ESMA will publish a statement; competent authorities or ESMA may issue notices where they have clear grounds after informing the administrator at least 10 working days beforehand.

Competent authorities may designate Union‑based benchmarks as significant where there are no or very few market‑led substitutes and cessation or unreliable input data would have significant adverse effects; draft decisions must be notified and the administrator given 15 working days to comment, and ESMA must be consulted and will provide advice within three months. ESMA may designate third‑country benchmarks on similar grounds, inviting the administrator and, where applicable, the third‑country authority to provide information within 15 working days. An administrator may request designation where the benchmark underlies at least EUR 20 billion of funds over six months. Designations and reasons must be published; revocation requests can be made after four years, with decisions within three months and an effective date no later than 12 months after publication. The Commission may adopt delegated acts to specify calculation methods and criteria, and must report on the EUR 50 billion threshold by 31 December 2028.