1. The FCA must conduct a proportionate review of critical benchmarks in accordance with paragraphs 2 to 4, taking into account information provided to it under paragraph A1 of Article 20.
2. The review must consider:
whether an administrator located in the United Kingdom provides a benchmark that satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20; and
(b) where a benchmark satisfies point (a) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.
3. The FCA must provide a written report to the Treasury:
(a) setting out the result of the review; and
(b) making a recommendation as to whether any benchmark that satisfies point (a) of paragraph 2 should be recognised as critical.
4. The FCA must conduct the review and provide the report to the Treasury:
(a) within the period of two years beginning with IP completion day; and
(b) thereafter, at intervals of at least every two years, with each interval beginning wit
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