rec_7

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

(7) The absence of a framework at Union level for the cessation or the orderly wind-down of a benchmark would likely result in diverging regulatory solutions in Member States, which would lead to Union stakeholders being exposed to risks of legal uncertainty and contract frustration. Along with the magnitude of the exposure to such benchmarks of existing contracts, and financial instruments as defined in Directive 2014/65/EU, the increased risk of contract frustration and litigation could significantly disrupt the functioning of financial markets. In those extraordinary circumstances and in order to address the systemic risks involved, it is necessary to establish a harmonised approach to deal with the cessation or wind-down of certain benchmarks with systemic relevance for the Union. Member States’ competences with regard to benchmarks beyond the scope of the powers conferred on the Commission are not affected by this Regulation.

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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.