The European Commission adopted an equivalence decision recognising New Zealand’s regulatory framework for benchmarks under the EU Benchmarks Regulation (BMR), allowing EU banks and investment funds to continue using New Zealand regulated benchmarks when the BMR’s new third-country benchmark rules apply from 1 January 2026. The decision is intended to support continued access to New Zealand benchmarks that are used in the EU. It reflects New Zealand’s opt-in benchmark regime designed to allow benchmark administrators to access the EU market through equivalence with EU standards, and was prepared in cooperation with the New Zealand Ministry of Business, Innovation and Employment and the Financial Markets Authority. New Zealand authorities are expected to 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.
European Commission 2025-10-30
European Commission adopts equivalence decision for New Zealand benchmark regime ahead of 1 January 2026 BMR third-country rules
The European Commission has adopted an equivalence decision recognizing New Zealand’s regulatory framework for benchmarks under the EU Benchmarks Regulation, allowing EU banks and investment funds to use New Zealand benchmarks from 1 January 2026. This decision supports access to New Zealand benchmarks through equivalence with EU standards, in cooperation with New Zealand authorities. Arrangements with the European Securities and Markets Authority are expected to facilitate supervisory information exchange.