Public statement: CIBOR notified as a significant benchmark under Article 24(2) of the Benchmarks Regulation

On 1 January 2026, a number of amendments to the Benchmarks Regulation (Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, BMR) entered into force. Until now, most benchmarks have been covered by the general scope of the BMR. Following the revision, only critical benchmarks, significant benchmarks, EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks, as well as certain types of commodity benchmarks, are covered by the general scope of the BMR. 

According to the revised BMR, benchmark administrators are required to notify the relevant competent authority when the use of a benchmark exceeds EUR 50 billion in the Union.

The Danish Financial Supervisory Authority has received a notification pursuant to Article 24(2) from the benchmark administrator Danish Financial Benchmark Facility that the use of the Copenhagen Interbank Offered Rate (CIBOR) benchmark exceeds the threshold for significant benchmarks of EUR 50 billion, as set out in Article 24(1)(a) of the BMR. 

CIBOR therefore remains subject to the BMR and now has the status of a significant benchmark. Danish Financial Benchmark Facility already holds an authorisation from the Danish Financial Supervisory Authority to provide benchmarks under the BMR and will therefore not be required to apply for a new authorisation.

The Danish Financial Supervisory Authority will update the ESMA register under Article 36 of the BMR to include CIBOR as a significant benchmark pursuant to Article 24(2) of the BMR:

An assessment of other benchmarks in relation to their status as significant is ongoing, and the Danish Financial Supervisory Authority will continuously publish information on other significant Danish benchmarks. Under the revised BMR, benchmarks can become significant in multiple ways. A transitional period means that existing BMR administrators with a license as of 31 December 2025 may retain their license status until 30 September 2026, providing time to clarify whether their benchmarks are covered by the revised BMR.

For more information on the transition to the revised Benchmarks Regulation, please refer to ESMA’s website.

ESMA’s register of benchmark administrators and benchmarks under the Benchmarks Regulation can also be found there. The register will be updated continuously during the transitional period.