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Recital 10

Recital 10

(10)Regulation (EU) 2016/1011 requires that users of benchmarks produce and maintain robust written plans setting out the actions that they would take in the event that a benchmark materially changes or ceases to be provided and, where feasible and appropriate, designate one or several alternative benchmarks as fall-backs for a benchmark that would no longer be published. Contracts referencing CHF LIBOR have been concluded long before the cessation of CHF LIBOR could be expected and before Regulation (EU) 2016/1011 started to apply. Those contracts therefore do not contain fall-back provisions that address the event that a benchmark administrator can no longer publish a contractual reference after a certain date.

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