Section 10 | Prohibition On New Use Where Administrator To Cease Providing Critical Benchmark | Financial Services Act 2021 C22

10 Prohibition on new use where administrator to cease providing critical benchmark

Financial Services Act 2021 (2021 c 22) | Legislation

10 Prohibition on new use where administrator to cease providing critical benchmark

In the Benchmarks Regulation, after Article 21 insert—

“Article 21A Prohibition on new use where administrator to cease providing critical benchmark

1 Where the FCA has completed an assessment of a critical benchmark under Article 21(2), the FCA may, by publishing a notice, prohibit some or all new use of the benchmark by supervised entities.

2 In paragraph 1, the reference to new use of a benchmark is to doing the following on or after the day on which the prohibition takes effect (“the prohibition day”)—

(a) issuing a financial instrument which references the benchmark, or amending the terms of a financial instrument so as to include a reference to the benchmark where the instrument did not reference the benchmark immediately before the prohibition day;

(b) determining the amount payable under a financial instrument