Risks associated with benchmark reform Sample Clauses

Risks associated with benchmark reform. A number of major interest rates, other rates, indices and other published benchmarks are the subject of recent or forthcoming national and international regulatory reforms. These may include a Preference Share Underlying. These reforms may cause such benchmarks to be discontinued, to be modified or to be subject to other changes. Any such consequence could have a material adverse effect on the value of and return on the Preference Share(s), the payout of which is dependent on the performance of any such benchmark and in turn could have a material adverse effect on the value of and return on the Securities. The EU Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the "EU Benchmarks Regulation") and the EU Benchmarks Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) and regulations made thereunder (the "UK Benchmarks Regulation", and together with the EU Benchmarks Regulation, the "Benchmarks Regulations") are a key element of the ongoing regulatory reform in, respectively, the EU and the UK and have applied since 1 January 2018. In addition to "critical benchmarks" such as LIBOR and EURIBOR, other interest rates, foreign exchange rates, and indices, including equity, commodity and "proprietary" indices or strategies, will in most cases be within scope of both versions of the Benchmarks Regulations as "benchmarks" where they are used to determine the amount payable under, or the value of, certain financial instruments (including (i) in the case of the EU Benchmarks Regulation, securities listed on an EU regulated market or EU multilateral trading facility ("MTF") and (ii) in the case of the UK Benchmarks Regulation, securities listed on a UK recognised investment exchange or a UK MTF), and in a number of other circumstances. The EU Benchmarks Regulation applies to the contribution of input data to a benchmark, the administration of a benchmark, and the use of a benchmark in the EU. Amongst other things, the EU Benchmarks Regulation requires EU benchmark administrators to be authorised or registered as such and to comply with extensive requirements relating to benchmark administration. It also prohibits, subject to transitional provisions, certain uses by EU supervised entities of (a) benchmarks provided by EU administrators which are not authorised or registered in accordance with the EU Benchmarks Regula...
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