(1) Article 20 is amended as follows.

(2) For the heading substitute "Critical benchmarks: conditions and other matters".

(2A) Before paragraph 1 insert -

“A1. An administrator shall immediately notify the FCA when the administrator’s benchmark:

(a) exceeds the threshold in paragraph 1(a); or

(b) fulfils the criterion in paragraph 1(c)(ii) and there is reason to believe that it also fulfils the criterion in paragraph 1(c)(iii).”.

(3) In paragraph 1 -

(a) for the opening words substitute "The conditions are:";

(b) in point (b) -

(i) for "one Member State" substitute "the United Kingdom";

(ii) omit "in that Member State";

(c) in point (c), at (iii), for "one or more Member States" substitute "the United Kingdom";