+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. Ħarsa ġenerali

,

1.1 Referenzi

1.2 Rekwiżiti identifikati

1.3 Standards relatati

2. Rekwiżiti identifikati

Rekwiżiti

3. Standards relatati

Standards