Key data
| Regulation | Commission Implementing Regulation (EU) 2026/905 of April 24, 2026 |
|---|---|
| Publication | April 27, 2026 (EU Official Journal) |
| Entry into force | April 24, 2026 |
| Regulation it completes | Regulation (EU) 2016/1011 of the European Parliament and of the Council (Benchmark Regulation) |
| Affected parties | Banks, asset managers and investment firms using spot exchange rate indices |
| Category | European Regulation |
| Year | 2026 |
Banks, asset managers and investment firms operating with currencies in international markets have an urgent task from April 24, 2026: to verify whether the spot exchange rate indices they use are included in the list of the Implementing Regulation (EU) 2026/905. If they are included, relevant regulatory obligations disappear. If they are not, the Benchmark Regulation regime continues to apply in full.
This regulation completes the Regulation (EU) 2016/1011, known as the Benchmark Regulation, which regulates financial reference indices in the European Union. The novelty is that there is now an official list of spot currency indices that fall outside its scope of application.
What does this regulation establish?
Implementing Regulation (EU) 2026/905 establishes a specific list of spot exchange rate indices (spot) that are exempt from the application of the Benchmark Regulation (EU) 2016/1011. The exemption is justified for two specific reasons:
- These indices have particular characteristics that make them less susceptible to manipulation.
- Their regulation is already covered by other regulatory frameworks, so additionally applying the Benchmark Regulation would be redundant.
The exemption has direct consequences on the obligations that entities using these indices must comply with. The three obligations that disappear for indices included in the list are:
| Benchmark Regulation obligation | Situation if the index is on the exemption list |
|---|---|
| Authorization of the index administrator | Not required |
| Governance requirements on the index | Not applicable |
| Transparency obligations | Not applicable |
For indices that do not appear on the list, the Benchmark Regulation (EU) 2016/1011 continues to apply in full, without changes.
Economic and operational impact
The main impact of this regulation is a reduction in regulatory burden for entities using indices included in the exemption list. Specifically, costs and processes associated with the following are eliminated:
- Verification and monitoring of the authorization of the reference index administrator.
- Internal governance controls linked to the use of regulated benchmarks.
- Disclosure and transparency obligations to customers and investors in relation to those indices.
For entities that had already adapted their processes to the Benchmark Regulation, the exemption can represent a significant operational simplification, especially in compliance, risk management and treasury operations departments that regularly work with multiple currency pairs.
Conversely, entities using spot indices not included in the list must maintain all controls and obligations in force under Regulation (EU) 2016/1011, with no regulatory relief derived from this implementing regulation.
Who does it affect?
Implementing Regulation (EU) 2026/905 affects all supervised financial entities that use spot exchange rate indices in their activities. Specifically:
- Banks that use spot exchange rate indices in financial contracts or as a reference in treasury operations.
- Investment fund managers that use these indices in the valuation or management of portfolios with currency exposure.
- Investment firms that operate with currencies in international markets and reference their instruments to spot indices.
- Compliance and legal departments of the above entities, responsible for verifying the regulatory status of the indices used.
- CFOs and chief financial officers of entities that have contracts or products referenced to spot exchange rate indices.
Practical example
A Spanish asset manager that manages an international fixed income fund regularly uses several spot exchange rate indices to value positions in dollars, yen and sterling. Until now, it had to verify that the administrators of those indices were authorized under the Benchmark Regulation and maintain specific governance controls for their use.
With the entry into force of Regulation 2026/905, the compliance team must review the official list of exempt indices. If the spot indices used by the asset manager are on that list, it can eliminate the authorization and governance controls associated with those specific indices, simplifying its internal processes and reducing documentation burden. If any of the indices it uses is not on the list, it must maintain the full Benchmark Regulation regime for that specific index.
The practical result is that the compliance team must conduct an index-by-index review, cross-referencing the benchmarks used with the list in Regulation 2026/905, and update its inventory of regulatory obligations accordingly.
What should companies do now?
- Inventory the spot exchange rate indices used in contracts, financial instruments and investment funds of the entity.
- Consult the official list of Regulation 2026/905 in the EU Official Journal to verify which indices are included as exempt.
- Update the inventory of regulatory obligations: for exempt indices, document that they fall outside the scope of the Benchmark Regulation and eliminate associated controls that are no longer necessary.
- Maintain the full regime of Regulation (EU) 2016/1011 for indices not on the exemption list, with no changes to their obligations.
- Inform treasury, risk management and legal teams about which indices have changed regulatory status and which have not, to avoid errors in the application of controls.
- Review contracts and product documentation that reference spot indices, updating regulatory references where appropriate.
Frequently asked questions
What exchange rate indices are exempt from the Benchmark Regulation in 2026?
Implementing Regulation (EU) 2026/905 establishes a specific list of spot exchange rate indices exempt from Regulation (EU) 2016/1011. The exemption applies because these indices have characteristics that make them less susceptible to manipulation or because they are already covered by other regulatory frameworks. The specific list appears in the official text of the regulation published on April 27, 2026.
What obligations disappear if my index is on the exemption list?
If your index is on the exemption list, three key obligations under the Benchmark Regulation no longer apply: (1) the requirement to verify that the index administrator is authorized; (2) internal governance controls specific to that benchmark; and (3) transparency and disclosure obligations to customers and investors regarding that index. All other regulatory obligations outside the Benchmark Regulation remain in force.
What happens if my index is not on the exemption list?
If your index is not on the exemption list, the full Benchmark Regulation (EU) 2016/1011 continues to apply without any changes. You must maintain all authorization verification, governance and transparency obligations as before. This regulation does not provide any relief for indices not included in the list.
When does this regulation come into force?
Implementing Regulation (EU) 2026/905 entered into force on April 24, 2026. The list of exempt indices is effective from that date, so entities must verify the status of their indices from that date onwards.
Who is responsible for verifying whether an index is on the exemption list?
Each entity using spot exchange rate indices is responsible for verifying the status of its indices against the official list. This responsibility typically falls on compliance, legal and risk management departments. It is recommended to conduct a comprehensive review of all indices used and document the findings for audit purposes.
Can an index be removed from the exemption list in the future?
The exemption list is established by Implementing Regulation (EU) 2026/905. Any future changes would require a new implementing regulation. Entities should monitor EU regulatory developments to stay informed of any potential changes to the exemption list.
Official source
Commission Implementing Regulation (EU) 2026/905 of April 24, 2026, published in the Official Journal of the European Union on April 27, 2026.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. The interpretation and application of regulations may vary depending on the specific circumstances of each entity. It is recommended to consult with legal and compliance specialists to ensure proper compliance with Regulation (EU) 2026/905 and the Benchmark Regulation. The information contained herein is based on the official text of the regulation and may be subject to updates or clarifications by the competent authorities.