in force 2022-01-01 MODIFIED+480 −0§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
A new paragraph 1a is inserted, under which ESMA, when it considers that a benchmark fulfils all the criteria set out in point (c) of paragraph 1, submits a documented request to the Commission to recognise that benchmark as critical.
The added paragraph further provides that after receiving this request the Commission adopts an implementing act in accordance with paragraph 1, and that ESMA reviews its assessment of the benchmark's criticality at least every two years, notifying and transmitting the assessment to the Commission.
This paragraph 1a did not appear in the earlier version of Article 20.
Cited: Art. 20, v2 · Art. 20, v1
text before / after
02016R1011-20210213 → 02016R1011-20220101
Article 20 Critical benchmarks 1. The Commission shall adopt implementing acts in accordance with the examination procedure referred to in Article 50(2) to establish and review at least every two years a list of benchmarks provided by administrators located within the Union … 398 unchanged words … After receiving the assessment, the Commission shall adopt an implementing act in accordance with this paragraph. In addition, in the event of disagreement, the competent authority of the administrator shall transmit its assessment to ESMA, which may publish an opinion. 1a. Where ESMA considers that a benchmark fulfils all of the criteria set out in point (c) of paragraph 1, it shall submit a documented request to the Commission to recognise that benchmark as critical. After receiving that documented request, the Commission shall adopt an implementing act in accordance with paragraph 1. ESMA shall review its assessment of the criticality of the benchmark at least every two years and shall notify and transmit the assessment to the Commission. 2. Where the competent authority of a Member State referred to in point (b) of paragraph 1 considers that an administrator under its supervision provides a benchmark that should be recognised as critical, it shall notify ESMA and transmit to … 505 unchanged words … discontinuity or unreliability of the benchmark on market integrity, financial stability, consumers, the real economy, or the financing of households and businesses in one or more Member States. Where applicable, the Commission shall take into account relevant market or technological developments.