10. Prohibition on new use where administrator to cease providing critical benchmark
In the Benchmarks Regulation, after Article 21 insert -
Prohibition on new use where administrator to cease providing critical benchmark
1. Where the FCA has completed an assessment of a critical benchmark under Article 21(2), the FCA may, by publishing a notice, prohibit some or all new use of the benchmark by supervised entities.
2. In paragraph 1, the reference to new use of a benchmark is to doing the following on or after the day on which the prohibition takes effect ("the prohibition day") -
(a) issuing a financial instrument which references the benchmark, or amending the terms of a financial instrument so as to include a reference to the benchmark where the instrument did not reference the benchmark immediately before the prohibition day;
(b) determining the amount payable under a financial instrument or a financial contract by referencing the benchmark, where the instrument or contract did not reference the benchmark immediately before the prohibition day;
(c) being a party to a financial contract which references the benchmark -
(i) where the contract is formed on or after the prohibition day, or
(ii) where the contract was formed before the prohibition day but did not reference the benchmark immediately before that day;