+Article 18a 1.

Article 18a 1.

The Commission shall designate as exempted a spot foreign exchange benchmark that is administered by administrators located outside the Union where both of the following criteria are fulfilled:

(a) 

the spot foreign exchange benchmark references a spot exchange rate of a third-country currency to which currency controls apply; and

(b) 

the spot foreign exchange benchmark:

(i) 

is used on a frequent, systematic and regular basis to hedge against adverse foreign exchange rate movements; or

(ii) 

does not have an equivalent alternative benchmark provided by an administrator located in the Union.

1. Vue d’ensemble

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1.1 Références

1.2 Exigences identifiées

1.3 Normes associées

2. Exigences identifiées

Exigences

3. Normes associées

Normes