(2)Administrators of spot foreign exchange benchmarks located outside the Union are often unregulated, which prevents the Commission from adopting an equivalence decision pursuant to Article 30 of Regulation (EU) 2016/1011. Those administrators may also lack sufficient economic incentives to access the Union market through recognition, as set out in Article 32 of Regulation (EU) 2016/1011, or endorsement, as set out in Article 33 of that Regulation, as both of those options require a significant investment by the administrator. Because Union businesses and investment funds might nevertheless need to be able to hedge their foreign exchange exposures, Article 2(2) of Regulation (EU) 2016/1011 was amended by Regulation (EU) 2021/168 of the European Parliament and of the Councilnote to exclude from the scope of Regulation (EU) 2016/1011 spot foreign exchange benchmarks which the Commission designates in accordance with the requirements laid down in Article 18a of Regulation (EU) 2016/1011. Regulation (EU) 2025/914 of the European Parliament and of the Councilnote amended that Article 18a of Regulation (EU) 2016/1011 by replacing the existing requirements with new requirements. From 9 May to 4 July 2025, the Commission conducted a public consultation to identify spot foreign exchange benchmarks that fulfil the conditions of Article 18a(1) of Regulation (EU) 2016/1011, as required by Article 18a(2) of that Regulation. That consultation enabled the Commission to identify the following spot foreign exchange benchmarks to which the provisions of Regulation (EU) 2016/1011 are not to apply: the US dollar-Indian rupee benchmark (‘USDINR’), the US dollar-Korean won benchmark (‘USDKRW’), the US dollar-Taiwan dollar benchmark (‘USDTWD’) and the US dollar-Philippine peso benchmark (‘USDPHP’).
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