113. Article 26(4) of the BMR states that NCAs: ''[..] may require changes to ensure compliance with this Regulation''. It is ESMA's understanding that 'changes (to the compliance statement) ' does not mean that NCAs could require administrators of non-significant benchmarks to apply the requirements which they have chosen not to comply with. Indeed, the difference in wording vis-à-vis Article 25(3) of the BMR (as clarified in Recital 41), as opposed to Article 26 of the BMR, explicitly provides that ''a competent authority may decide that the administrator of a significant benchmark is nevertheless to apply one or more of the requirements laid down in Articles […] [i.e. the requirements that the administrator had opted out]''. It also sets out some criteria on the basis of which an administrator of significant benchmarks may choose not to apply certain requirements (i.e. proportionality, taking into account the nature or impact of the benchmark or size of the administrator).
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