(4)The magnitude of the potential disruption caused by the cessation of CHF LIBOR, and the need to mitigate the discontinuity of contracts referencing CHF LIBOR to avoid the materialisation of that disruption, were highlighted in a number of exchanges between the Commission and public authorities concerned. The Commission duly took into account the factual elements provided to assess whether the conditions set out under Article 23b of Regulation (EU) 2016/1011 are met and, therefore, to establish the need for the Commission to take action.