Part 2: Benchmarks Section 8: Review of which benchmarks are critical benchmarks
This Section makes changes to Article 20 (critical benchmarks: conditions and other matters and Article A20 (review of critical benchmarks) of the BMR.
	Subsection (1) provides that Article 20 is amended in accordance with subsections (2)-(5).
	Subsection (6) makes amendments to Article 20(1) regarding the criteria for determining critical benchmarks. The changes have the effect of enabling the designation of a benchmark as critical where the benchmark has appropriate market-led substitutes, but where it is not reasonably practicable for one or more users of the benchmark to switch onto such appropriate market-led substitutes, and the benchmark also meets the criterion for a critical benchmark established in Article 20(1)(c)(iii). Subsection (6) also contains additional consequential changes.
	Subsections (2)-(5) make consequential changes to Article A20, which concerns the review of critical benchmarks which the FCA is required to conduct in line with criteria set out in Article 20.