Danish regulator receives notification of CIBOR as significant benchmark
The Danish Financial Supervisory Authority (Finanstilsynet) has been notified that the interest rate benchmark CIBOR is the so-called significant benchmark, as it is used in financial instruments, contracts, etc., with a total value exceeding EUR 50 billion in the EU. This means that CIBOR remains subject to the Benchmarks Regulation and supervision by the Danish Financial Supervisory Authority.
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.
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.
