Article 3(1)(24) BMR defines a regulated-data benchmark as a benchmark determined by the application of a formula from specific input data. Thus, regulated-data benchmarks cannot include input data that are not covered by this definition.

However, the methodology of a regulated-data benchmark can include factors that are not covered by Article 3(1)(24) BMR only if those factors are not considered input data i.e. they do not measure the underlying market or economic reality that the benchmark intends to measure, but instead are elements that improve the reliability and representativeness of the benchmark (see Q&A: ESMA_QA_738 or ESMA70-145-114_Q&A 5.12).