in force 2022-01-01 MODIFIED+289 −299§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
Paragraph 3 restructures the notification chain: the supervised contributor now notifies the administrator directly, the administrator informs its own competent authority without undue delay, and that competent authority in turn informs the competent authority of the supervised contributor and, where applicable, ESMA, replacing the earlier wording where the administrator's competent authority informed the contributor's competent authority only if located in another Member State.
Paragraph 4 changes the phrasing of who is informed and when, now stating that the competent authority of the administrator informs ESMA or the college established under Article 46 promptly and on the basis of the assessment makes its own assessment, rather than the earlier text listing the college as informed alongside ESMA and treating the assessment step separately.
Cited: Art. 23, v1 · Art. 23, v2
text before / after
02016R1011-20210213 → 02016R1011-20220101
Article 23
Mandatory contribution to a critical benchmark
1. This Article shall apply to critical benchmarks based on submissions by contributors the majority of which are supervised entities.
2. Administrators of one or more critical benchmarks shall, every two years, submit to their competent authority an assessment of the capability of each critical benchmark they provide to measure the underlying market or economic reality.
3. If a A supervised contributor to a critical benchmark that intends to cease contributing input data, it data shall promptly notify the administrator thereof in writing the benchmark administrator, which writing. The administrator shall thereupon inform without undue delay its competent authority. Where the supervised contributor is located in another Member State, the The competent authority of the critical benchmark administrator shall inform, without delay, inform the competent authority of that contributor. supervised contributor, and where applicable ESMA, thereof without undue delay. The benchmark administrator shall submit to its competent authority an assessment of the implications on the capability of the critical benchmark to measure the underlying market or economic reality reality, as soon as possible but no later than 14 days after the notification made by the supervised contributor.
4. Upon receipt of an the assessment of the benchmark administrator referred to in paragraphs 2 and 3 of this Article and on the basis of such assessment, Article, the competent authority of the administrator shall shall, where applicable, promptly inform ESMA and, where applicable, or the college established under Article 46, 46 and shall on the basis of that assessment make its own assessment on of the capability of the benchmark to measure the underlying market and economic reality, taking into account the administrator's administrator’s procedure for cessation of the benchmark established in accordance with Article 28(1).
5. From the date on which the competent authority of the administrator is notified of the intention of a contributor to cease contributing input data and until such time … 762 unchanged words … the competent authority of the administrator shall have the power to require input data in accordance with paragraph 5, and points (a), (b) and (c) of paragraph 6, of this Article only from supervised contributors located in its Member State.