Art. 23a

in force 2021-02-13 INSERTED+484 −0§

Amended by Regulation (EU) 2021/168 32021R0168

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree — the text comparison and the amending act's instructions found this change; the EU's own amendment metadata does not list it. All are shown; none is overruled.

A new Article 23a is added, setting out that the Chapter's rules on statutory replacement of a benchmark apply to contracts or financial instruments under Directive 2014/65/EU that reference a benchmark and are subject to the law of a Member State, and to contracts referencing a benchmark where all parties are established in the Union and the contract is subject to a third-country law that does not provide for an orderly wind-down of the benchmark.

Cited: Art. 23a, v2

Article 23a
Scope of the statutory replacement of a benchmark
This Chapter applies to:
(a) any contract, or any financial instrument as defined in Directive 2014/65/EU, that references a benchmark and is subject to the law of one of the Member States; and
(b) any contract, the parties to which are all established in the Union, that references a benchmark and that is subject to the law of a third country and where that law does not provide for the orderly wind-down of a benchmark.