Benchmarks

Review of which benchmarks are critical benchmarks
8
1
Article A20 of the Benchmarks Regulation (review of critical benchmarks) is amended in accordance with subsections (2) to (5).
2
In paragraph 2, for point (a) (but not the “and” at the end) substitute—
a
whether an administrator located in the United Kingdom provides a benchmark that satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20;
.
3
In paragraph 2(b), for “point (a)(i) or (ii)” substitute “ point (a) ”.
4
In paragraph 3(b), for “point (a)(i) or (ii)” substitute “ point (a) ”.
5
In paragraph 6, for point (b) substitute—
b
the Treasury consider that the benchmark satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20.
6
In Article 20(1) of the Benchmarks Regulation (critical benchmarks: conditions and other matters)—
a
in the opening words of point (c), for “all” substitute “ both ”,
b
omit point (c)(i), and
c
after point (c) insert—
d
the benchmark has a sufficient number of appropriate market-led substitutes that it does not fulfil the criterion in point (c)(ii), but:
i
it is not reasonably practicable for one or more users of the benchmark to switch to one of those substitutes, and
ii
the benchmark fulfils the criterion in point (c)(iii).
S. 8 in force at 1.7.2021 by S.I. 2021/739, reg. 3(a)