it is used directly or indirectly within a combination of benchmarks as a reference for financial instruments or financial contracts or for measuring the performance of investments funds having a total average value of at least EUR 50 billion on the basis of all the range of maturities or tenors of the benchmark, where applicable, over a period of six months; or

it has no or very few appropriate market-led substitutes and, in the event that the benchmark ceases to be provided or is provided on the basis of input data no longer fully representative of the underlying market or economic reality or unreliable input data, there would be a significant and adverse impact on market integrity, financial stability, consumers, the real economy or the financing of households or businesses in F2the United Kingdom.

F5review the value in point (a) of paragraph 1 (“the threshold”) in the light of market, price and regulatory developments as well as the appropriateness of the classification of benchmarks with a total value of financial instruments, financial contracts or investment funds referencing them that is close to that threshold F6... F7; and

provide a written report to the Treasury setting out the results of the review and making a recommendation as to whether the threshold should be amended.

within the period of two years beginning with IP completion day; and

thereafter, at intervals of at least every two years, with each interval beginning with the date on which the last report was provided.

the matters referred to in point (a) of paragraph 2; and

any report prepared by the FCA under paragraph 2.