This equivalence decision ensures that from 1 January 2026, when new rules under BMR for third‑country benchmarks take effect, EU banks and investment funds can continue using New Zealand regulated benchmarks, especially those that are widely used in the EU.
Benchmarks are key reference points for financial instruments like derivatives, funds, loans, and mortgages, used by both financial and non‑financial companies and investors. New Zealand developed its benchmark system specifically to allow administrators who opt‑in to access the EU market through equivalence with EU standards.
Commissioner Maria Luís Albuquerque, responsible for Financial Services and the Savings and Investments Union said: “Today’s decision benefits EU benchmark users and New Zealand benchmark administrators. It proves that the revised BMR continues to be a worldwide reference for the regulation of financial benchmarks. This equivalence decision acknowledges New Zealand’s high regulatory standards and fosters closer cooperation between our jurisdictions”.
The equivalence decision was prepared in cooperation with the New Zealand Ministry of Business, Innovation and Employment and the Financial Markets Authority. New Zealand authorities will now finalise arrangements with the European Securities and Markets Authority (ESMA) to facilitate the exchange of supervisory information on New Zealand benchmarks used in the EU.
Related links
Benchmarks and market abuse
Implementing and delegated acts under the Benchmarks Regulation
