rec_6

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

(6) To be able to provide for the continued orderly functioning of existing contracts that reference a widely used benchmark the cessation of which might result in negative consequences that significantly disrupt the functioning of financial markets in the Union and where such contracts, or financial instruments as defined in Directive 2014/65/EU, cannot be renegotiated to include a contractual fallback provision by the time of cessation of that benchmark, a framework for the cessation or the orderly wind-down of such benchmarks should be laid down. That framework should comprise a mechanism for transitioning such contracts, or financial instruments as defined in Directive 2014/65/EU, to a designated replacement for a benchmark. A replacement for a benchmark should ensure the avoidance of contract frustration, which might significantly disrupt the functioning of financial markets in the Union.

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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.