# 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), Article 46: Cessation of a critical benchmark in certain circumstances

Extent: E+W+S+N.I.

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With regard to the decision to withdraw the authorisation or registration of an administrator in accordance with Article 35, whenever the cessation of a critical benchmark would result in a force majeure event, frustrate or otherwise breach the terms of any financial contract or financial instrument, or the rules of any investment fund, which references that benchmark in the United Kingdom, within the meaning specified in Commission Delegated Regulation (EU) 2018/67 or regulations made by the Treasury under Article 51(6), the FCA shall consider whether to adopt measures to mitigate the effects referred to in this paragraph, including:
(a) a change to the code of conduct referred to in Article 15, the methodology or other rules of the benchmark;
(b) a transitional period, during which the procedures envisaged under Article 28(2) shall apply.
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Source: https://www.legislation.gov.uk/eur/2016/1011/article/46 (the official version)
Page: https://openlegislation.uk/eu-regulation-2016-1011/article-46
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.