On May 3, 2016, the Council of the EU published the text of the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmark Regulation).  This follows adoption of the Benchmark Regulation by the European Parliament on April 28, 2016.

Next, the Benchmark Regulation must be formally adopted by the Council, after which it will be published in the Official Journal of the EU. It will then enter into force on the day after its publication.