rec_10

Regulation (EU) 2021/168 of the European Parliament and of the Council of 10 February 2021 amending Regulation (EU) 2016/1011 as regards the exemption of certain third-country spot foreign exchange benchmarks and the designation of replacements for certain benchmarks in cessation, and amending Regulation (EU) No 648/2012 (Text with EEA relevance) · European Union

(10) The statutory replacement of a benchmark should be restricted to contracts, and to financial instruments as defined in Directive 2014/65/EU, that have not been renegotiated before the date of cessation of the benchmark concerned. Where master contracts are used, the designated replacement for a benchmark will apply only to transactions entered into before the relevant date of replacement, even though later transactions might technically be part of the same contract. The designation of the replacement for a benchmark should not affect contracts, or financial instruments as defined in Directive 2014/65/EU, that already provide for a suitable contractual fallback provision which addresses the permanent cessation of a benchmark.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-18 · Text as adopted (Official Journal); later amendments are not incorporated in this text.