1. Where the FCA has exercised a power under Article 23D(2) in relation to a benchmark, the FCA must, for each review period -
(a) review its exercise of its powers under Article 23D(2) in relation to that benchmark during the period, and
(b) publish a report setting out the outcome of the review.
2. For the purposes of paragraph 1, the review periods are -
(a) the period of two years beginning with the day on which the first notice under Article 23D(2) relating to the benchmark is published, and
(b) each subsequent period of two years, excluding the period in which the benchmark ceases to be provided and subsequent periods.
3. The FCA must publish a report under paragraph 1(b) as soon as reasonably practicable after the end of the review period.
4. Where the FCA, having exercised a power under Article 23D(2) in relation to a benchmark, exercises a power under Article 23D(2) again in relation to the benchmark, it must -
(a) carry out a review of the most recent previous exercise of t
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