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Regulation 2016/1011/EU - Benchmarks Regulation (BMR)RecitalsTitle I Subject matter, scope and definitions (arts. 1-3)Article 1 Subject-matterArticle 2 ScopeArticle 3 DefinitionsTitle II Benchmark integrity and reliability (arts. 4-16)Chapter 1 Governance of and control by administrators (arts. 4-10)Article 4 Governance and conflict of interest requirementsArticle 5 Oversight function requirementsArticle 6 Control framework requirementsArticle 7 Accountability framework requirementsArticle 8 Record-keeping requirementsArticle 9 Complaints-handling mechanismArticle 10 OutsourcingChapter 2 Input data, methodology and reporting of infringements (arts. 11-14)Article 11 Input dataArticle 12 MethodologyArticle 13 Transparency of methodologyArticle 14 Reporting of infringementsChapter 3 Code of conduct and requirements for contributors (arts. 15-16)Article 15 Code of conductArticle 16 Governance and control requirements for supervised contributorsTitle III Requirements for different types of benchmarks (arts. 17-26)Chapter 1 Regulated-data benchmarks (art. 17)Article 17 Regulated-data benchmarksChapter 2 Interest rate benchmarks and spot foreign exchange benchmarks (arts. 18-18a)Article 18 Interest rate benchmarksArticle 18a Spot foreign exchange benchmarksChapter 3 Commodity benchmarks based on contributed input data (art. 19)Article 19 Commodity benchmarks based on contributed input dataChapter 3A EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (arts. 19a-19d)Article 19a EU Climate Transition Benchmarks and EU Paris-aligned BenchmarksArticle 19b Requirements for EU Climate Transition BenchmarksArticle 19c Exclusions for EU Paris-aligned BenchmarksArticle 19d Endeavour to provide EU Climate Transition BenchmarksChapter 4 Critical benchmarks (arts. 20-23 )Article 20 Critical benchmarksArticle 21 Mandatory administration of a critical benchmarkArticle 22 Mitigation of market power of critical benchmark administratorsArticle 23 Mandatory contribution to a critical benchmarkChapter 4A Statutory replacement of a benchmark (arts. 23a-23c)Article 23a Scope of the statutory replacement of a benchmarkArticle 23b Replacement of a benchmark by Union lawArticle 23c Replacement of a benchmark by national lawChapter 5 Significant benchmarks (arts. 24-25)Article 24 Significant benchmarksArticle 24a Requirements for administrators of significant benchmarksArticle 25 Exemptions from specific requirements for significant benchmarksChapter 6 Non-significant benchmarks (art. 26) [Deleted]Article 26 Non-significant benchmarksTitle IV Transparency and consumer protection (arts. 27-28a)Article 27 Benchmark statementArticle 28 Changes to and cessation of a benchmarkArticle 28a Accessibility of information on the European single access pointTitle V Use of benchmark in the Union (arts. 29-33)Article 29 Use of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks and EU Paris-aligned BenchmarksArticle 30 EquivalenceArticle 31 Withdrawal of registration of an administrator located in a third countryArticle 32 Recognition of an administrator located in a third countryArticle 33 Endorsement of benchmarks provided in a third countryTitle VI Authorisation, registration and supervision of administrator (arts. 34-48n)Chapter 1 Authorisation and registration (arts. 34-36)Article 34 Authorisation and registration of an administratorArticle 35 Withdrawal or suspension of authorisation or registrationArticle 36 Register of administrators and benchmarksChapter 2 Supervisory cooperation (arts. 37-39)Article 37 Delegation of tasks between competent authoritiesArticle 38 Disclosure of information from another Member StateArticle 39 Cooperation on on-site inspections and investigationsChapter 3 Role of competent authorities (arts. 40-48)Article 40 Competent authoritiesArticle 41 Powers of competent authoritiesArticle 42 Administrative sanctions and other administrative measuresArticle 43 Exercise of supervisory powers and imposition of sanctionsArticle 44 Obligation to cooperateArticle 45 Publication of decisionsArticle 46 CollegesArticle 47 Cooperation with ESMAArticle 48 Professional secrecyChapter 4 ESMA powers and competences (arts. 48a-48n)Section 1 Competences and procedures (arts. 48a-48d)Article 48a Exercise of the powers by ESMAArticle 48b Request for informationArticle 48c General investigationsArticle 48d On-site inspectionsSection 2 Administrative sanctions and other administrative measures (arts. 48e-48h)Article 48e Supervisory measures by ESMAArticle 48f FinesArticle 48g Periodic penalty paymentsArticle 48h Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsSection 3 Procedures and review (arts. 48i-48k)Article 48i Procedural rules for taking supervisory measures and imposing finesArticle 48j Hearing of the persons subject to investigationsArticle 48k Review by the Court of JusticeSection 4 Fees and delegation (arts. 48l-48n)Article 48l Supervisory feesArticle 48m Delegation of tasks by ESMA to competent authoritiesArticle 48n Transition measures related to ESMATitle VII Delegated and implementing Acts (arts. 49-50)Article 49 Exercise of the delegationArticle 50 Committee procedureTitle VIII Transitional and final provisions (arts. 51-59)Article 51 Transitional provisionsArticle 52 Deadline for updating the prospectuses and key information documentsArticle 53 ESMA reviewsArticle 54 ReviewArticle 55 Notification of benchmarks referenced and their administratorsArticle 56 Amendments to Regulation (EU) No 596/2014Article 57 Amendments to Directive 2008/48/ECArticle 58 Amendments to Directive 2014/17/EUArticle 59 Entry into forceAnnex I Interest rate benchmarksAnnex II Commodity benchmarksAnnex III EU Climate Transition Benchmarks and EU Paris-aligned BenchmarksDone at
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AI Summary of Article 48j Hearing of the persons subject to investigations

Before taking any decision pursuant to Articles 48f, 48g and 48e, ESMA must give persons subject to the proceedings an opportunity to be heard on its findings and must base its decisions only on findings on which those persons have had an opportunity to comment. This requirement does not apply where urgent action under Article 48e is necessary to prevent significant and imminent damage to the financial system; in that case ESMA may adopt an interim decision and must give the persons concerned an opportunity to be heard as soon as possible after the decision.

The rights of the defence must be fully respected during investigations. Persons subject to proceedings are entitled to access ESMA's file, subject to the legitimate interest of other persons in protecting their business secrets; that right of access does not extend to confidential information or ESMA's internal preparatory documents.

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Version status: Inserted | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2022 - onwards

Article 48j Hearing of the persons subject to investigations

DRAFT To be deleted Article 11 Amendments to Regulation (EU) 2016/1011 of the 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 (COM(2025) 943 final / 2025/0383 (COD))
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1. Before taking any decision pursuant to Articles 48f, 48g and 48e, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.

The first subparagraph shall not apply if urgent action pursuant to Article 48e is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.

2. The rights of the defence of the persons subject to the proceedings shall be fully respected in the investigations. They shall be entitled to have access to ESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or ESMA's internal preparatory documents.

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