3.

A competent authority may decide that the administrator of a significant benchmark is nevertheless to apply one or more of the requirements laid down in Article 4(2), points (c), (d) and (e) of Article 4(7), point (b) of Article 11(3) and Article 15(2) if it considers that it would be appropriate taking into account the nature or the impact of the benchmarks or the size of the administrator. In its assessment, the competent authority shall, based on the information provided by the administrator, take into account the following criteria: the vulnerability of the benchmark to manipulation; the nature of the input data; the level of conflicts of interest; the degree of discretion of the administrator; the impact of the benchmark on markets; the nature, scale and complexity of the provision of the benchmark; the importance of the benchmark to financial stability; the value of financial instruments, financial contracts or investment funds that reference the benchmark; the administrator's size, organisational form or structure.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.