User as defined by the Benchmark Regulation
A benchmark is often used for investment funds to measure and compare the performance of the fund. If an investment fund has a specific benchmark, then this fund is a "user as defined by the Benchmark Regulation". Passive investment funds that track a specific index are also "users as defined by the Benchmark Regulation".
The Benchmark Regulation ensures that these indices are reliable and transparent. "Users" must ensure that the benchmarks used come from trustworthy and registered providers.