(1) Article 51 (transitional provisions) is amended as follows.

(2) For paragraph 1 substitute -

"1. An index provider providing a benchmark to which paragraph 1A applies must have applied to the FCA for authorisation or registration in accordance with Article 34 of the EU Benchmarks Regulation on or before 31 December 2019, in order to provide a benchmark that may be used in the United Kingdom on or after 1 January 2020.

1A. A supervised entity may, subject to paragraphs 1B and 1C, use a benchmark in the United Kingdom that:

(a) is provided by a UK index provider who was providing a benchmark in the United Kingdom on 30 June 2016, or

(b) is a benchmark (to which paragraph (a) does not apply) that was provided by a UK index provider in the United Kingdom in the period beginning with 1 July 2016 and ending with 31 December 2017.

1B. A supervised entity may not use a benchmark under paragraph 1A if:

(a) before 1 January 2020, the index provider providing the benchmark made an application to the FCA for authorisation or registration under Article 34 of the EU Benchmarks Regulation; and

(b) the index provider is notified that the application is refused or approved.