Part 2: Benchmarks Section 12: Mandatory contribution to critical benchmarks
This section makes several amendments to Article 23 of the BMR regarding the mandatory contribution to critical benchmarks.
	Subsection (2) omits those provisions under existing Article 23 that are replicated, with amendments, in section 11 (assessment of representativeness of critical benchmarks).
	Subsection (3) introduces new paragraphs 5A and 5B under Article 23. Paragraph 5A clarifies that a contributor which gives notice to cease contributing under Article 22A may not cease contribution until the end of its notice period (which is a minimum of 15 weeks) unless the FCA gives its written permission to do so. Paragraph 5B clarifies that the imposition of the notice period does not require the relevant contributor to trade or commit to do so during the notice period.
	Subsections (4)-(9) amend existing Article 23(6) and introduce new provisions. Subsection (4) clarifies that the FCA may use its existing compulsion power under Article 23(6) over contributors if the FCA gives a notice to the administrator of a critical benchmark under Article 21(3B)(a) or Article 22B(3)(a). Subsection (7) introduces new paragraph 6A which clarifies that, in exercising its power to mandate contribution to a critical benchmark under Article 23(6), the FCA may only do so in order to maintain, restore or improve the representativeness of the benchmark. These amendments also provide that the FCA can exercise its compulsion power over a supervised third country entity. Subsection (10) introduces new paragraph 9A under Article 23. It clarifies that once a benchmark is designated by the FCA as an Article 23A benchmark, contributors to that benchmark are no longer subject to the FCA’s compulsion power under Article 23(6) in order to restore the representativeness of the benchmark.
	Subsection (11) clarifies the calculation of the five-year period under Article 23, which is the maximum period that the FCA can mandate contribution to a critical benchmark.