(1) Article 24 (significant benchmarks) is amended as follows.

(2) In paragraph 1 -

(a) in the opening words, for "does not fulfil any of the conditions laid down in Article 20(1)" substitute "is not a critical benchmark";

(b) in point (b), for "one or more Member States" substitute "the United Kingdom".

(3) In paragraph 2 -

(a) for the words from "Commission" to "this Article", substitute "FCA must:";

(b) the words from "in the light of" to the end of the first sentence become point (a);

(c) at the beginning of point (a) insert "review the value in point (a) of paragraph 1 ("the threshold")";

(d) omit the second sentence;

(e) after point (a) insert -

"; and

(b) provide a written report to the Treasury setting out the results of the review and making a recommendation as to whether the threshold should be amended.".

(4) After paragraph 2 insert -