{
  "url": "https://openlegislation.uk/eu-regulation-2016-1011/article-A20",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-1011/article-A20.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/A20",
  "kind": "article",
  "number": "A20",
  "heading": "Critical benchmarks: review of critical benchmarks",
  "text": "1. The FCA must conduct a proportionate review of critical benchmarks in accordance with paragraphs 2 to 4, taking into account information provided to it under paragraph A1 of Article 20.\n2. The review must consider:\n(a) whether an administrator located in the United Kingdom provides a benchmark that satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20; and\n(b) where a benchmark satisfies point (a) of this paragraph, whether the FCA recommends that the benchmark is recognised as critical.\n3. The FCA must provide a written report to the Treasury:\n(a) setting out the result of the review; and\n(b) making a recommendation as to whether any benchmark that satisfies point (a) of paragraph 2 should be recognised as critical.\n4. The FCA must conduct the review and provide the report to the Treasury:\n(a) within the period of two years beginning with IP completion day; and\n(b) thereafter, at intervals of at least every two years, with each interval beginning with the date on which the last report was provided.\n5. The Treasury must by regulations specify that a benchmark is critical if:\n(a) the FCA has recommended that the benchmark is recognised as critical in accordance with the review procedure specified in paragraphs 2 and 3; and\n(b) the Treasury determine that the FCA's review complies with the requirements of paragraphs 2 and 3.\n6. The Treasury may by regulations specify that a benchmark is critical if:\n(a) the benchmark is provided by an administrator located in the United Kingdom; and\n(b) the Treasury consider that the benchmark satisfies one or more of conditions (a), (b), (c) or (d) of paragraph 1 of Article 20.\n7. The Treasury may not specify a regulated-data benchmark as a critical benchmark under paragraph 5 or 6 of this Article or under paragraph 5 of Article 20.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Art. A20 inserted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 15 (with regs. 51-53, 65) (as amended by S.I. 2019/1212, regs. 1(3), 20(3)(4); S.I. 2020/1301, regs. 1, 3, Sch. para. 34(b); S.I. 2020/1385, regs. 1(4), 58(6); and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Art. A20(2)(a) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(2), 49(5); S.I. 2021/739, reg. 3(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Art. A20(2)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(3), 49(5); S.I. 2021/739, reg. 3(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Art. A20(3)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(4), 49(5); S.I. 2021/739, reg. 3(a)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word in Art. A20(5)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 5 para. 5; S.I. 2021/739, reg. 3(n)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Art. A20(6)(b) substituted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 8(5), 49(5); S.I. 2021/739, reg. 3(a)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/1011/article/A20",
    "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."
}