Article 21
Mandatory administration of a critical benchmark
1.
If an administrator of a critical benchmark intends to cease providing such benchmark, the administrator shall:
(a)
immediately notify its competent authority; and
(b)
within four weeks of such notification submit an assessment of how the benchmark:
(i)
is to be transitioned to a new administrator; or
(ii)
is to be ceased to be provided, taking into account the procedure established in Article 28(1).
During the period referred to in point (b) of the first subparagraph, the administrator shall not cease provision of the benchmark.
2.
Upon receipt of the assessment by the administrator referred to in paragraph 1, the competent authority shall:
(a)
inform ESMA and the college established under Article 46;
(b)
within four weeks following the receipt of that assessment, make its own assessment of how the benchmark is to be transitioned to a new administrator or be ceased to be provided, taking into account the procedure established in accordance with Article 28(1).
During the period referred to in point (b) of the first subparagraph, the administrator shall not cease the provision of the benchmark without the written consent of ESMA or the competent authority, where relevant.
3.
Following completion of the assessment referred to in point (b) of paragraph 2, the competent authority shall have the power to compel the administrator to continue publishing the benchmark until such time as:
(a)
the provision of the benchmark has been transitioned to a new administrator;
(b)
the benchmark can be ceased to be provided in an orderly fashion; or
(c)
the benchmark is no longer critical.
For the purposes of the first subparagraph, the period for which the competent authority may compel the administrator to continue to publish the benchmark shall not exceed 12 months.
By the end of that period, the competent authority shall review its decision to compel the administrator to continue to publish the benchmark. The competent authority may, where necessary, extend that period by an appropriate period not exceeding 12 months. The maximum period of mandatory administration shall not exceed five years.
4.
Without prejudice to paragraph 1, in the event that the administrator of a critical benchmark is to be wound down due to insolvency proceedings, the competent authority shall make an assessment of whether and how the critical benchmark can be transitioned to a new administrator or can cease to be provided in an orderly fashion, taking into account the procedure established in accordance with Article 28(1).
5.
ESMA shall develop draft regulatory technical standards to specify the criteria on which the assessment referred to in point (b) of paragraph 2 is to be based.
ESMA shall submit those draft regulatory technical standards to the Commission by 1 October 2020.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.