1.The Commission shall designate as exempted a spot foreign exchange benchmark that is administered by administrators located outside the Union where both of the following criteria are fulfilled:
the spot foreign exchange benchmark references a spot exchange rate of a third-country currency to which currency controls apply; and
the spot foreign exchange benchmark:
is used on a frequent, systematic and regular basis to hedge against adverse foreign exchange rate movements; or
does not have an equivalent alternative benchmark provided by an administrator located in the Union.
2.The Commission shall conduct a public consultation to identify spot foreign exchange benchmarks that fulfil the criteria laid down in paragraph 1.
3.Following the conclusion of the public consultation, the Commission shall adopt an implementing act to create a list of spot foreign exchange benchmarks that fulfil the criteria laid down in paragraph 1 by 9 June 2026. The Commission shall update that list as appropriate.