In the Benchmarks Regulation, after Article 23 insert -

"Article 23A

Designation of certain critical benchmarks

1. If the FCA gives the administrator of a critical benchmark a notice under Article 21(3B)(a) or Article 22B(3)(a) (benchmark unrepresentative or representativeness at risk), the FCA must, before the end of the period of 21 days beginning with the day on which it gave the notice -

(a) consider whether it is appropriate for the FCA to designate the benchmark under this Article, and

(b) if it proposes to do so, inform the benchmark administrator by written notice.

2. The FCA may not designate a benchmark under this Article if it considers that it is, and is likely to continue to be, the case that -

(a) the representativeness of the benchmark can reasonably be restored and maintained by the administrator or by the FCA exercising its powers under Article 23(6), and

(b) there are good reasons to restore and maintain its representativeness.

3. A notice under paragraph 1(b) must -

(a) explain when the FCA proposes that the designation of the benchmark should take effect,

(b) give reasons for the FCA's proposed decision, and