(7)On 22 January 2018, the Swedish competent authority (‘Finansinspektionen’) notified the European Securities and Markets Authority (‘ESMA’) of its proposal to recognise the Stockholm Interbank Offered Rate (‘STIBOR’) as a critical benchmark, under point (b) of Article 20(1) of Regulation (EU) 2016/1011, because it is critical in Sweden and it is based on submissions of contributors, the majority of which are located in Sweden.