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19.11.2016 · dated 2 Jun 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-06-02","entry_into_force":"2016-12-09","locators":{"document_date":"CELLAR 32016R2021 work_date_document","entry_into_force":"CELLAR 32016R2021 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2016-2021-access-in-respect-of-benchmarks","path":"/mifir/level-2/rts/2016-2021-access-in-respect-of-benchmarks","name":"Commission Delegated Regulation (EU) 2016/2021","number":"2016/2021","celex":"32016R2021","title_official":"COMMISSION DELEGATED REGULATION (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks (Text with EEA relevance)","document_date":"2016-06-02"},"position":{"kind":"article","key":"5","index":5,"articles":6,"annexes":0},"prev":{"path":"/mifir/level-2/rts/2016-2021-access-in-respect-of-benchmarks/articles/4","key":"4","title":"Article 4 — Other conditions under which access is granted"},"next":{"path":"/mifir/level-2/rts/2016-2021-access-in-respect-of-benchmarks/articles/6","key":"6","title":"Article 6 — Entry into force and application"},"act_anchor":"#art-5"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2016/2021/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2016-2021-access-in-respect-of-benchmarks.md","unit_text_sha256":"45265362991c63022f36ca2d8361aad00e7f5685b6375d5b7be1f98cf7b44d25","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2016-2021-access-in-respect-of-benchmarks/art-5","kind":"article","key":"5","heading":"Article 5 — Standards guiding how a benchmark may be proven to be new","text":"## <a id=\"art-5\"></a>Article 5 — Standards guiding how a benchmark may be proven to be new\n\n1. <a id=\"art-5-p-1\"></a>When establishing whether a new benchmark meets the criteria set out in points (a) and (b) of Article 37(2) of Regulation (EU) No 600/2014, a person with proprietary rights to a benchmark shall take the following standards into account:\n\n    <a id=\"art-5-p-1-a\"></a>**(a)** whether contracts based on the more recent benchmark are not capable of being netted nor substantially offset with contracts based on the relevant existing benchmark by a CCP;\n\n    <a id=\"art-5-p-1-b\"></a>**(b)** whether the regions and industry sectors covered by the relevant benchmarks are not the same, nor similar;\n\n    <a id=\"art-5-p-1-c\"></a>**(c)** whether the values of the relevant benchmarks are not highly correlated;\n\n    <a id=\"art-5-p-1-d\"></a>**(d)** whether composition of the relevant benchmarks, having regard to the number of constituents, the actual constituents, their values and their weightings are not the same, nor similar;\n\n    <a id=\"art-5-p-1-e\"></a>**(e)** whether the methodologies of each relevant benchmark are not the same, nor similar.\n\n1. <a id=\"art-5-p-2\"></a>For commodity benchmarks, in addition to the standards specified in paragraph 1, the following additional standards shall be taken into account:\n\n    <a id=\"art-5-p-2-a\"></a>**(a)** whether the relevant benchmarks are not based on the same underlying commodities;\n\n    <a id=\"art-5-p-2-b\"></a>**(b)** whether the delivery locations of the underlying commodities are not the same.\n\n1. <a id=\"art-5-p-3\"></a>In addition to the standards specified in paragraphs 1 and 2, a person with proprietary rights to a benchmark shall take into account further standards in use specific to the types of benchmarks being assessed, as appropriate.\n1. <a id=\"art-5-p-4\"></a>A newly released series of a benchmark shall not constitute a new benchmark.\n\n","marks":[],"text_hash":"45265362991c63022f36ca2d8361aad00e7f5685b6375d5b7be1f98cf7b44d25","revision":1}}