Benchmarks LIBOR transition Key Definitions
Under the BMR, a benchmark is defined, broadly speaking, as an index referenced to determine the amount payable under a financial instrument or a financial contract, the value of a financial instrument, or the performance of an investment fund. For the purposes of the BMR, an index is a figure which is published or made available to the public and that is regularly determined through assessment or calculation and based on the value of one or more underlying assets or prices.
	The BMR applies to supervised contributors to benchmarks, supervised entities that use benchmarks and benchmark administrators. Generally speaking, a supervised contributor is a supervised entity regulated by the FCA that contributes input data to an administrator located in the UK. For the purposes of the BMR, ‘supervised entities’ covers a wide range of financial service entities as outlined in Article 3(17)(a)-(m).
	The definition of "use of a benchmark" is set out in Article 3(7) and covers the use of indices in financial instruments and contracts, including in connection with the issuance of a financial instrument, where a party uses a benchmark to determine the amount payable under a financial instrument or a financial contract or to determine the value of a financial instrument or measure the performance of an investment fund.
	A benchmark administrator is a natural or legal person that has control over the provision of a benchmark.