1.The Commission mayshall 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:
(a)the spot foreign exchange benchmark references a spot exchange rate of a third-country currency thatto iswhich notcurrency freelycontrols convertible;apply; and
(b)the spot foreign exchange benchmark:
(i)(b) the spot foreign exchange benchmark is used on a frequent, systematic and regular basis to hedge against adverse foreign exchange rate movements.movements; or
(ii)does not have an equivalent alternative benchmark provided by an administrator located in the Union.
2.By 31 December 2022, theThe Commission shall conduct a public consultation to identify spot foreign exchange benchmarks that fulfil the criteria laid down in paragraph 1.
3.ByFollowing 15the Juneconclusion 2023,of the public consultation, the Commission shall adopt aan delegatedimplementing act in accordance with Article 49 to create a list of spot foreign exchange benchmarks that fulfil the criteria laid down in paragraph 1 ofby this9 Article.June 2026. The Commission shall update that list as appropriate.