(1) Article 21 of the Benchmarks Regulation (mandatory administration of a critical benchmark) is amended as follows.
(2) In paragraph 3, for "five years" substitute "10 years".
(3) After paragraph 3 insert -
"3A. If the FCA decides to compel the administrator to continue publishing the benchmark under paragraph 3, the FCA must assess the capability of the benchmark to measure the underlying market or economic reality, taking into account, among other things, the procedure established by the administrator in accordance with Article 28(1).
3B. After making its assessment under paragraph 3A, the FCA must give the administrator -
(a) a written notice stating that it considers that the benchmark is not representative of the market or economic reality that it is intended to measure or that the representativeness of the benchmark is at risk, or
(b) a written notice stating that it considers that the representativeness of the benchmark is not at risk.
3C. The FCA must make its assessment unde
…