93. Article 5(6)(b) of the ESAs' review adds to Article 21 of BMR, Mandatory administration of a critical benchmark, a new paragraph 5 stating that: ''ESMA shall develop draft regulatory technical standards to specify the criteria on which the assessment referred to in point (b) of paragraph 2 [of Article 21 of BMR] is to be based.''
94. The BMR considers the cessation of the administration of a critical benchmark as a matter of financial stability. For this reason, Article 21 ''Mandatory administration of a critical benchmark'' provides competent authorities of critical benchmarks with a specific power that can be used when an administrator of a critical benchmark intends to cease providing such benchmark. In this scenario, the relevant competent authority can compel the administrator of the critical benchmark to continue publishing the benchmark until one of the conditions in Article 21(3) occurs and for a maximum period of five years (this five-year period was introduced by the amen
…