Danish Regulator Confirms CIBOR as a Significant Benchmark Under EU Rules

The Danish Financial Supervisory Authority (Finanstilsynet) has confirmed that the Copenhagen Interbank Offered Rate (CIBOR) qualifies as a significant benchmark under the revised EU Benchmarks Regulation (BMR), following a notification that its use exceeds EUR 50 billion across the European Union.

As a result, CIBOR remains subject to EU benchmark supervision and will continue to be overseen by Finanstilsynet.

CIBOR Exceeds EUR 50 Billion Threshold

Under the updated BMR framework, benchmark administrators must notify regulators when a benchmarks use in financial instruments, contracts, or investment funds exceeds EUR 50 billion within the EU.

Finanstilsynet confirmed it received a notification pursuant to Article 24(2) from Danish Financial Benchmark Facility, the administrator of CIBOR. The notification stated that CIBOR has surpassed the threshold set out in Article 24(1)(a), automatically classifying it as a significant benchmark.

Revised EU Benchmarks Regulation Took Effect in 2026

A series of amendments to the EU Benchmarks Regulation (Regulation (EU) 2016/1011) came into force on 1 January 2026, narrowing the scope of benchmarks covered by the regulation.

Following the revision, only the following benchmark categories fall under the general scope of the BMR:

• Critical benchmarks
• Significant benchmarks
• EU Climate Transition Benchmarks
• EU Paris-aligned Benchmarks
• Certain commodity benchmarks

Previously, most benchmarks were automatically covered. The revised framework shifts focus toward benchmarks that are systemically important or widely used across EU markets.

No New Authorization Required for CIBOR Administrator

Finanstilsynet noted that Danish Financial Benchmark Facility already holds a valid BMR authorization to provide benchmarks in the EU. As a result, the administrator does not need to apply for a new license, despite CIBORs updated classification.

CIBOR will continue to be supervised under the existing authorization framework.

Transitional Period for Benchmark Administrators

The revised BMR includes transitional arrangements to help benchmark administrators adapt to the new rules.

Administrators holding a valid BMR license as of 31 December 2025 may retain their authorization until 30 September 2026. This period allows regulators and administrators to determine whether specific benchmarks remain within the scope of the revised regulation.

Why CIBOR Matters

CIBOR is a key reference rate in Denmark and is widely used in bank lending, derivatives, and other financial contracts. Its designation as a significant benchmark underscores its continued importance to both Danish and EU financial markets.