1. Where the FCA receives an assessment by a benchmark administrator under Article 22A within the period specified by or under that Article, the FCA must make its own assessment of the capability of the benchmark to measure the underlying market or economic reality, taking into account, among other things -
(a) the procedure established by the administrator in accordance with Article 28(1), and
(b) the administrator’s assessment.
2. If a benchmark administrator does not submit an assessment under Article 22A within the period specified by or under that Article, the FCA may make its own assessment of the capability of the benchmark to measure the underlying market or economic reality and, if it does so -
(a) must take into account the procedure established by the administrator in accordance with Article 28(1), and
(b) may take into account, among other things, an assessment submitted by the administrator after the end of the specified period.
3. After making its assessment under this
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