Stats › Intraday and market microstructure › Benchmark tiers
Europe deleted an entire tier of benchmark regulation on 1 January 2026, and Article 26 no longer exists in the law
| Tier or exemption | Threshold | Article | Status |
|---|---|---|---|
| Critical, principal test | 500bn euro | Art 20(1)(a) | in force |
| Critical, alternative test | 400bn euro plus two qualitative limbs | Art 20(1)(c) | in force |
| Critical, national test | no euro threshold | Art 20(1)(b) | in force |
| Significant | 50bn euro average over six months | Art 24(1)(a) | in force |
| Significant, opt in | 20bn euro over the last six months | Art 24(7)(b) | new in 2026 |
| Non significant | no threshold | Art 26 | the article no longer exists |
| Commodity exemption | 200m euro over 12 months | Art 2(2)(g) | in force |
| Regulated data combination threshold | 500bn euro | Art 17(2) | in force |
Read off the consolidated text applicable from 1 January 2026 and the supervisor's own rulebook index. The six amending regulations are 2019/2089, 2019/2175, 2021/168, 2022/2554, 2023/2869 and 2025/914.
The non significant tier has stopped being a tier of regulation and become a category of exclusion. The Commission projected that 66 of 73 union administrators would fall outside scope, and no realised count of what left has been published.
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