{
  "url": "https://openlegislation.uk/eu-regulation-2016-1011/article-23FA",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-1011/article-23FA.json",
  "legislation": "eur/2016/1011",
  "legislation_title": "Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2016-1011",
  "path": "article/23FA",
  "kind": "article",
  "number": "23FA",
  "heading": "References to Article 23A benchmarks",
  "text": "1. A reference to a benchmark in a contract or other arrangement is, at any time when the benchmark is an Article 23A benchmark, to be treated for all purposes as including the benchmark as it exists—\n(a) when it is an Article 23A benchmark,\n(b) when the FCA has exercised a power under Article 23D(2) in respect of the benchmark, and\n(c) when the benchmark administrator has exercised a discretion or permission conferred on it by the FCA under Article 23D in respect of the benchmark,\nwhether or not the benchmark is representative of the Article 27 market or economic reality at those times.\n2. If a contract or other arrangement describes a benchmark or other figure (rather than naming a benchmark), paragraph 1 applies as if the description were a reference to—\n(a) each benchmark that falls within the description, and\n(b) each Article 23A benchmark that fell, or was being treated by the parties to the contract or arrangement as falling, within the description immediately before it became an Article 23A benchmark.\n3. For the purposes of paragraph 2(b), where the description is of a benchmark or other figure that measures, or is intended to measure, a market or economic reality, a benchmark fell within the description immediately before it became an Article 23A benchmark if its Article 27 market or economic reality fell within the description.\n4. Paragraphs 1 and 2 apply—\n(a) to any contract or other arrangement, whenever it was formed, and\n(b) to any reference to a benchmark or other figure, however expressed.\n5. Where paragraph 1 applies in a case in which the reference formed part of the contract or other arrangement—\n(a) immediately before this Article came into force, or\n(b) immediately before the benchmark became an Article 23A benchmark,\nthe contract or arrangement is to be treated for all purposes as having always provided for the reference to have the meaning provided for by paragraph 1 (and, where relevant, paragraph 2) when the benchmark is an Article 23A benchmark.\n6. Nothing in this Article is to be taken to create any right, obligation or liability of a party to a contract or other arrangement or of another person—\n(a) in relation to an act or omission that is relevant to the formation or variation of the contract or arrangement (such as, among other things, an act or omission in connection with the making of a representation or the giving of advice), where the formation or variation took place before the benchmark in question became an Article 23A benchmark, or\n(b) in relation to the operation of the contract or arrangement before the benchmark in question became an Article 23A benchmark.\n7. Nothing in this Article is to be taken to extinguish, or otherwise affect, any cause of action that arose in relation to a contract or arrangement before the benchmark in question became an Article 23A benchmark, except that the effect of this Article is to be taken into account when determining any loss or damage incurred.\n8. This Article has effect subject to Article 23FB and any regulations made under that Article.\n9. For the purposes of this Article and Article 23FB, a contract or other arrangement refers to a benchmark if it refers to an index, whether or not the index is used as a benchmark for the purposes of the contract or arrangement (and references to a benchmark are to be interpreted accordingly).\n10. In this Article and Article 23FB—\n(a) “arrangement” means a legally binding arrangement between two or more parties;\n(b) references to a contract or an arrangement—\n(i) are to a contract or arrangement entered into by or on behalf of any person (including the Crown), and\n(ii) include any document referred to in, or otherwise forming part of, a contract or arrangement;\n(c) “Article 27 market or economic reality”, in relation to an Article 23A benchmark, means the market or economic reality that was intended to be measured by the benchmark immediately before it became an Article 23A benchmark (as defined in the benchmark statement referred to in Article 27).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Arts. 23FA, 23FB inserted (15.12.2021) by Critical Benchmarks (References and Administrators' Liability) Act 2021 (c. 33), ss. 1, 4(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/1011/article/23FA",
    "retrieved_at": "2026-11-01T14:45:45.723985+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}