(5)On the basis of that report, the Commissions concludes that a majority of third country benchmark administrators have not taken the necessary steps to prepare for the end of the transitional period on 31 December 2023, as laid down in Article 51(5) of Regulation (EU) 2016/2011, and to ensure the continued use of their benchmarks in the Union beyond that date. This failure to prepare raises concerns for Union supervised entities that rely on certain third country benchmarks. An abrupt disruption to the access to third country benchmarks for Union supervised entities could also pose a certain threat to financial stability. Furthermore, the entry into application of the third-country chapter would deprive market participants in the Union of access to the majority of the world’s benchmarks. This would put some of the market participants in the Union at a significant disadvantage in global competition.