(5)Benchmarks such as the New Zealand Bank Bill Benchmark Rate (‘BKBM’) are administered in New Zealand and used in the Union by a number of supervised entities. The data submitted to the European Commission by the Financial Markets Authority (‘FMA’), New Zealand’s financial markets conduct regulator and competent authority, and by ESMA confirm that the usage of BKBM in the Union exceeds EUR 50 billion, thereby qualifying it as a significant benchmark in the Union. To ensure that benchmarks provided by an administrator that is authorised or registered in New Zealand such as BKBM can be used in the Union following the expiry of the transitional period on 31 December 2025, the Commission assessed the benchmarks regime in New Zealand.