1. If an administrator of a critical benchmark intends to cease providing such benchmark, the administrator shall:
(a) immediately notify its competent authority; and
(b) within four weeks of such notification submit an assessment of how the benchmark:
(i) is to be transitioned to a new administrator; or
(ii) is to be ceased to be provided, taking into account the procedure established in Article 28(1).
During the period referred to in point (b) of the first subparagraph, the administrator shall not cease provision of the benchmark.
2. Upon receipt of the assessment by the administrator referred to in paragraph 1, the competent authority shall:
(a) inform ESMA and the college established under Article 46;
(b) within four weeks following the receipt of that assessment, make its own assessment of how the benchmark is to be transitioned to a new administrator or be ceased to be provided, taking into account the procedure established in accordance with Article 28(1).
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