Part 2: Benchmarks Section 10: Prohibition on new use where administrator to cease providing critical benchmark
This section introduces new Article 21A of the BMR. It gives the FCA power to prohibit "new use" of a critical benchmark where the FCA has completed its assessment of the administrator’s plans to cease providing the benchmark under Article 21(2).
	The FCA may, by publishing a notice, prohibit some, or all new use of the benchmark by supervised entities. Paragraph (2) defines what constitutes "new use". What constitutes "new use" is different for different categories of use of the benchmark. Broadly however, "new use" consists of creating new financial instruments or contracts that reference the benchmark after the date of the prohibition, or using the benchmark in existing contracts, instruments or funds after the date of the prohibition where the contract, instrument or fund did not reference the benchmark before the date of the prohibition.
	Paragraph (3) requires that the FCA can only exercise this power if it advances either or both of its statutory objectives of consumer protection and market integrity. Paragraph (4) allows the FCA to consider the effect the exercise of this power outside the UK (among other things).
	Paragraphs (5)-(9) set out requirements for the content and publication of the FCA’s notice. The FCA will need to give reasons for the prohibition in the notice and may make different provisions for different purposes. The FCA is also required to publish its notice in the way best calculated to bring it to the attention of supervised entities and the public. Paragraph (8)(b) also permits the FCA to charge a reasonable fee for providing a person with a copy of a notice published under this Article.