meta_id 3350572

On July 23, 2026, the Autorité des Marchés Financiers (AMF) updated its doctrine to reflect the entry into application of Regulation (EU) 2025/914, which revised the European Benchmarks Regulation (BMR) effective January 1, 2026. The revision significantly narrowed the scope of indices subject to BMR requirements and introduced new procedures for deposits with the Caisse des Dépôts et Consignations (CDC). Under the previous BMR regime, all benchmark administrators had to comply with regulatory requirements regardless of the notional amount of financial instruments using their indices. The revised BMR excludes non-significant benchmarks (notional amount below €50 billion) that are neither Paris-Aligned nor Climate Transition indices and do not fall under commodity indices. Consequently, only critical benchmarks (notional amount ≥ €500 billion), significant benchmarks (notional amount ≥ €50 billion), and designated climate-related benchmarks remain within the BMR's scope. Administrators providing only excluded benchmarks no longer require authorisation or registration with competent authorities. The AMF updated Instructions DOC-2008-03 and DOC-2014-01 to clarify that benchmark administrator activities are subject to authorisation or registration only when administering benchmarks falling within the revised BMR scope. Additionally, the AMF updated Instructions DOC-2011-19, DOC-2011-20, DOC-2011-21, DOC-2011-22, DOC-2011-23, and DOC-2012-06 to specify that prospectus notices regarding benchmark administrators apply only when funds use indices within the BMR's scope. Existing UCITS and alternative investment funds (AIFs) using benchmarks now excluded from the BMR must update their prospectuses or rules by October 1, 2026. The AMF also implemented new requirements under Decree No. 2025-673 of July 18, 2025, requiring liquidators of UCITS or AIFs to notify the AMF of sums allocated to unit holders or shareholders whose identity could not be established, with deposits to the CDC required within one year thereafter.