EFAMA welcomes the opportunity to respond to the European Commission’s Call for Evidence on the ‘Review of the scope and third-country regime of the Benchmark Regulation.’

EFAMA fully agrees with the European Commission that the problem areas identified in the Call for Evidence must be addressed. More specially, we agree on the following:

1. Only a few non-EU administrators have made the necessary steps to obtain access to the EU market through recognition or endorsement;
2. Most benchmarks are locally anchored, measuring a local market or economic reality. This means that these benchmarks cannot be easily replaced by an EU benchmark that measures the same market or economy;
3. Non-EU benchmarks that are labelled as EU Climate Benchmarks and EU Paris-Alignment Benchmarks should be subject to EU supervision of all label-related BMR provisions.