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).
1. The conditions are
(a) the benchmark is used directly or indirectly within a combination of benchmarks as a reference for financial instruments or financial contracts or for measuring the performance of investment funds, having a total value of at least EUR 500 billion on the basis of all the range of maturities or tenors of the benchmark, where applicable;
(b) the benchmark is based on submissions by contributors the majority of which are located in the United Kingdom and is recognised as being critical in accordance with the procedure laid down in paragraphs 2, 3, 4 and 5 of this Article;
(c) the benchmark fulfils both of the following criteria:
(i) [deleted]
…