http://www.legislation.gov.uk/eur/2016/1011/article/51Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)Regulation (EU) 2016/1011 of the European Parliament and of the CouncilRegulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R1011-20191210texttext/xmlen2026-01-29Expert Participation2026-01-19 TITLE VIII<Strong>TRANSITIONAL AND FINAL PROVISIONS</Strong>Transitional provisionsArticle 511An index provider providing a benchmark to which paragraph 1A applies must have applied to the FCA for authorisation or registration in accordance with Article 34 of the EU Benchmarks Regulation on or before 31 December 2019, in order to provide a benchmark that may be used in the United Kingdom on or after 1 January 2020.1AA supervised entity may, subject to paragraphs 1B and 1C, use a benchmark in the United Kingdom that:ais provided by a UK index provider who was providing a benchmark in the United Kingdom on 30 June 2016, orbis a benchmark (to which paragraph (a) does not apply) that was provided by a UK index provider in the United Kingdom in the period beginning with 1 July 2016 and ending with 31 December 2017,1BA supervised entity may not use a benchmark under paragraph 1A if:a before 1 January 2020, the index provider providing the benchmark made an application to the FCA for authorisation or registration under Article 34 of the EU Benchmarks Regulation; andbthe index provider is notified that the application is refused or approved.1CWhere the UK index provider is notified that the application is refused or approved on or after IP completion day, the benchmark may not be used under paragraph 1A:awhere the application is refused, from the day after the date on which the index provider is notified of the refusal;bwhere the application is approved, from the day on which the index provider is recorded on the FCA register.2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Where a benchmark provided by a UK index provider does not meet the requirements of this Regulation, but ceasing or changing that benchmark to fulfil the requirements of this Regulation would result in a force majeure event, frustrate or otherwise breach the terms of any financial contract or financial instrument or the rules of any investment fund, which references that benchmark, the FCA shall permit the use of the benchmark in the United Kingdom. No financial instruments, financial contracts, or measurements of the performance of an investment fund shall add a reference to such a benchmark after 1 January 2020.4aAn index provider may continue to provide an existing benchmark that has been recognised as a critical benchmark by regulations made by the Treasury under Article 20(5) until 31 December 2021 or, where the index provider submits an application for authorisation in accordance with paragraph 1, unless and until such authorisation is refused.4bAn existing benchmark that has been recognised as a critical benchmark by regulations made by the Treasury under Article 20(5) may be used for existing and new financial instruments, financial contracts, or for measuring the performance of an investment fund until 31 December 2021 or, where the index provider submits an application for authorisation in accordance with paragraph 1, unless and until such authorisation is refused.5A supervised entity may use a benchmark provided by an administrator located in a third country as a reference for a financial instrument, a financial contract or for measuring the performance of an investment fund in the United Kingdom:aduring the period beginning with IP completion day and ending with 31 December 2030;bon and after 1 January 2031 , if the benchmark is used as a reference for that financial instrument, that financial contract or for measuring the performance of that investment fund on 31 December 2030,(but see paragraph 5A).5AA benchmark may not be used under paragraph 5 if:abefore IP completion day:i)the administrator providing the benchmark makes an application for registration or authorisation under Article 34 of the EU Benchmarks Regulation; andii)the administrator is notified that the application is refused;bthe benchmark, or the administrator providing the benchmark, is recorded on the FCA register in accordance with Article 36 of this Regulation. 5BA benchmark that:ais provided by an administrator to whom paragraph 5A(a) applies, andbis used as a reference for a financial instrument, a financial contract or for measuring the performance of an investment fund in the United Kingdom before the administrator is notified the application is refused,may continue to be used in the United Kingdom as a reference for that financial instrument, that financial contract or for measuring the performance of that investment fund.6The Treasury may make regulations to specify the conditions on which the FCA may assess whether the cessation or the changing of a benchmark provided by a UK index provider to conform with the requirements of this Regulation could reasonably result in a force majeure event, frustrate or otherwise breach the terms of any financial contract or financial instrument or the rules of any investment fund which references such benchmark.7In this Article:“UK index provider” means an index provider located in the United Kingdom.Inserted by Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks (Text with EEA relevance).Words in Art. 51(4) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(5)(a) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(4) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(5)(b) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(4) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(5)(c) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(6) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(7)(a) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 51(6) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(7)(b) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(6) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(7)(c) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(4a) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(5A) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/628, regs. 1(3), 12(6)(c)(f); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(4b) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(5B) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/628, regs. 1(3), 12(6)(c)(f); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 51(1)-(1C) substituted for Art. 51(1) (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(2) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/628, regs. 1(3), 12(6)(a)(f); S.I. 2020/1301, regs. 1, 3, Sch. para. 34(i); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 51(2) omitted (31.12.2020) by virtue of The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(3) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/628, regs. 1(3), 12(6)(b)(f); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 51(3) omitted (31.12.2020) by virtue of The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(4) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4) and S.I. 2020/628, regs. 1(3), 12(6)(f) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 51(5)-(5B) substituted for Art. 51(5) (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(6) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/628, regs. 1(3), 12(6)(d)(f); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 51(7) inserted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 42(8) (with regs. 42(9), 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/628, regs. 1(3), 12(6)(e)(f); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 51(5)(a) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 (S.I. 2023/1409), regs. 1(3), 3(2)Words in Art. 51(5)(b) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 (S.I. 2023/1409), regs. 1(3), 3(3)(a)Words in Art. 51(5)(b) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 (S.I. 2023/1409), regs. 1(3), 3(3)(b)