(22)According to Article 23b(3) of Regulation (EU) 2016/1011, a replacement for CHF LIBOR replaces, by operation of law, all references to that benchmark in any contract, and in any financial instrument as defined in Directive 2014/65/EU not containing fall-back provisions or suitable fall-back provisions. This replacement does therefore not affect contracts that have been successfully renegotiated to cater for the cessation of CHF LIBOR, as provided for under Article 23b(11) of Regulation (EU) 2016/1011.