1. This Article applies to a critical benchmark that -

(a) is based on submissions by contributors the majority of which are supervised entities or supervised third country entities, and

(b) is not an Article 23A benchmark.

2. An administrator of a critical benchmark must submit to the FCA anassessment of the capability of the benchmark to measure the underlying market or economic reality -

(a) at the end of the period of two years beginning with the day on which the benchmark became a critical benchmark, and

(b) at the end of each subsequent two year period.

3. The FCA may, by written notice, require an administrator of a critical benchmark to submit to the FCA an assessment of the capability of the benchmark to measure the underlying market or economic reality.

4. The FCA may only impose a requirement under paragraph 3 if it considers that -

(a) the benchmark does not, or may not, represent the underlying marketor economic reality, or