(3)To evaluate the situation and prepare the report required by Article 54(7) of Regulation (EU) 2016/1011, the Commission sought feedback in a targeted consultation between 20 May 2022 and 12 August 2022 on the use of the third-country regime laid down in Regulation (EU) 2016/1011 after the end of the transitional period laid down in Article 51(5) of Regulation (EU) 2016/1011. Respondents stressed that an extension of the transitional period of that third country regime is necessary as supervised entities in the Union would otherwise no longer be able to use most of the benchmarks provided by third country administrators for financial instruments, financial contracts and measurements of the performance of an investment fund that not yet reference these benchmarks.