(3)On 3 December 2020, the Norwegian competent authority, the Finanstilsynet, notified the European Securities and Markets Authority (‘ESMA’) of its proposal to recognise the Norwegian Interbank Offered Rate (‘NIBOR’) as a critical benchmark under Article 20(1), point (b), of Regulation (EU) 2016/1011, because the NIBOR is critical in Norway and is based on submissions of contributors, all of which are located in Norway.