6.1 Background and legal basis (paras. 109-112)

109. The BMR includes a proportionate regime depending on the usage of a benchmark in the EU. Thus, benchmarks are considered critical, significant or non-significant depending in particular on the total value of the financial contracts, instruments or investment funds referencing those benchmarks. Non-significant benchmarks are benchmarks that are used directly or indirectly within a combination of benchmarks as a reference for financial instruments or for financial contracts or for measuring the performance of investment funds having a total average value below EUR 50 billion on the basis of all the range of maturities or tenors of the benchmark, where applicable, over a period of six months and that do not meet the conditions for critical benchmarks in Article 20(1) of the BMR and the condition for significant benchmarks in Article 24(1)(b) of the BMR. Therefore, administrators of non-significant benchmarks are subject to a less demanding regime. In particular, Article 26(1) of BMR

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