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Commission Delegated Regulation (EU) 2018/67Dangos y teitl llawn
Commission Delegated Regulation (EU) 2018/67 of 3 October 2017 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to the establishment of the conditions to assess the impact resulting from the cessation of or change to existing benchmarks (Text with EEA relevance)
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- Rheoliadau yn deillio o’r UE
- 2018 No. 67
- Article 1
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Nodweddion Uwch
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Rhagor o Adnoddau
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Changes over time for: Article 1
Changes to legislation:
Commission Delegated Regulation (EU) 2018/67, Article 1 is up to date with all changes known to be in force on or before 05 February 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 1:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
Article 1U.K.Conditions for assessment
1.[F1The FCA] shall, for the purpose of Article 51(4) of Regulation (EU) 2016/1011, take into account the following conditions when assessing whether the cessation of or the changing of a benchmark that does not meet the requirements of that Regulation would result in a force majeure event, or would frustrate or otherwise breach the terms of any financial contract or financial instrument or the rules of any investment fund which references that benchmark:
(a)changing the benchmark would require a material change to the nature of the input data, to the methodology to determine those data, to the data gathering process itself or to other elements of the benchmark provision, which would lead to a significantly different value of the benchmark;
(b)changing the nature of the input data or the methodology to determine those data in order to make the benchmark compliant with Regulation (EU) 2016/1011 would undermine the representativeness of the benchmark of the market or the economic reality the benchmark is intended to measure, ultimately causing a change in the nature of the benchmark;
(c)there is no substitute benchmark for the benchmark that does not meet the requirements of Regulation (EU) 2016/1011 which:
(i)
meets the requirements of Regulation (EU) 2016/1011;
(ii)
measures the same market or the same economic reality;
(iii)
is either included in the public register referred to in Article 36 of Regulation (EU) 2016/1011 or is provided by an administrator included in that register;
(d)existing financial contracts, financial instruments and investment funds referencing the benchmark, and their accompanying documents, do not provide for a substitute benchmark or do not contain rules on how such a substitute benchmark shall be determined or any other appropriate contingency measures;
(e)the transitioning of the benchmark from one administrator to another administrator would lead to a substantial change in the benchmark.
2.The conditions of paragraph 1 shall be applied on a case-by-case basis.
Textual Amendments
F1Words in Art. 1 substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 50(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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