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This enables supervisors to make use of certain provisions of the Benchmarks Regulation in advance of its entry into application in 2018.
This Implementing Regulation will ensure that supervisors are in a position to allow the continuation of ‘critical’ benchmarks where their cessation would have a severe adverse impact on market participants and undermine the functioning and integrity of markets. In particular, classifying EURIBOR as a ‘critical’ benchmark will facilitate supervisors in requesting data contributions from banks, if they deem it necessary to ensure the benchmark's representativeness.
The Benchmark Regulation will start applying in its entirety as of January 2018; however, certain provisions related to the identified critical benchmarks are applicable immediately.