Before Article 20 (critical benchmarks) insert -

"Article A20 Critical benchmarks: review of critical benchmarks

1. The FCA must conduct a proportionate review of critical benchmarks in accordance with paragraphs 2 to 4, taking into account information provided to it under paragraph A1 of Article 20.

2. The review must consider:

(a) whether an administrator located in the United Kingdom provides a benchmark that either:

(i) satisfies one or more of conditions (a), (b) or (c) of paragraph 1 of Article 20; or

(ii) satisfies only points (c)(ii) and (iii) of paragraph 1 of Article 20; and

(b) where a benchmark satisfies point (a)(i) or (ii) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.

3. The FCA must provide a written report to the Treasury:

(a) setting out the result of the review; and

(b) making a recommendation as to whether any benchmark that satisfies point (a)(i) or (ii) of paragraph 2 should be recognised as critical.

4. The FCA must conduct the review and provide the report to the Treasury:

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