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Version date: 31 December 2020
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Article 24 Significant benchmarks

1. A benchmark which is not a critical benchmark is significant when:

(a) it 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 investments funds having a total average value of at least EUR 50 billion on the basis of all the range of maturities or tenors of the benchmark, where applicable, over a period of six months; or

(b) it has no or very few appropriate market-led substitutes and, in the event that the benchmark ceases to be provided or is provided on the basis of input data no longer fully representative of the underlying market or economic reality or unreliable input data, there would be a significant and adverse impact on market integrity, financial stability, consumers, the real economy or the financing of households or businesses in the United Kingdom.

2. The FCA must:

(a) review the value in point (a) of paragraph 1 ("the threshold") in the light of market, pri

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