Supporting the wind-down of critical benchmarks

The consultation seeks to understand the extent to which there is uncertainty over the continued application of a critical benchmark to contracts where the FCA has exercised its power to direct a change in how the benchmark is determined under the Benchmarks Regulation, and the risk of associated litigation. Where respondents can evidence the need for further protections, the consultation invites responses on the appropriate scope for any legal protections and whether the administrator of a “designated” critical benchmark should also be afforded specific protections where it is acting in accordance with requirements imposed by the FCA.