in force 2026-01-01 MODIFIED+267 −149§
Amended by Regulation (EU) 2025/914 32025R0914
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2026-06-09 · dates removed: 2022-12-31, 2023-06-15
The provision changes the Commission's designation duty from a discretionary power to a mandatory requirement to designate a spot foreign exchange benchmark as exempted, and replaces the criterion referring to a currency that is not freely convertible with one referring to a currency to which currency controls apply.
The single criterion about frequent, systematic and regular use for hedging is restructured into two alternative sub-criteria, adding a new option based on the absence of an equivalent alternative benchmark provided by a Union-located administrator.
Paragraph 2 no longer sets a 31 December 2022 deadline for the public consultation, and paragraph 3 replaces the 15 June 2023 delegated-act deadline with a requirement to adopt an implementing act, rather than a delegated act, following the consultation and by 9 June 2026.
Cited: Art. 18a, v1 · Art. 18a, v2
text before / after
02016R1011-20250117 → 02016R1011-20260101
Article 18a
Spot foreign exchange benchmarks
1. The Commission may shall designate as exempted a spot foreign exchange benchmark that is administered by administrators located outside the Union where both of the following criteria are fulfilled:
(a) the spot foreign exchange benchmark references a spot exchange rate of a third-country currency that is not freely convertible; to which currency controls apply; and
(b) the spot foreign exchange benchmark benchmark:
(i) is used on a frequent, systematic and regular basis to hedge against adverse foreign exchange rate movements. movements; or
(ii) does not have an equivalent alternative benchmark provided by an administrator located in the Union.
2. By 31 December 2022, the The Commission shall conduct a public consultation to identify spot foreign exchange benchmarks that fulfil the criteria laid down in paragraph 1.
3. By 15 June 2023, Following the conclusion of the public consultation, the Commission shall adopt a delegated an implementing act in accordance with Article 49 to create a list of spot foreign exchange benchmarks that fulfil the criteria laid down in paragraph 1 of this Article. by 9 June 2026. The Commission shall update that list as appropriate.