1Article 28(2) imposes requirements on supervised entities in relation to the need to produce and maintain robust written plans setting out the actions that they would take in the event that a benchmark which they use materially changes or ceases to be provided.
The effect of the prohibition in article 29(1)3 is that, subject to the exclusions in article 2 of the benchmarks regulation, a firm which is a supervised entity may only use a benchmark in cases where:
if the benchmark administrator is located outside the EU, the benchmark administrator and the benchmark itself are listed in the register maintained by ESMA under article 36 of the benchmarks regulation.
Article 28(2) and article 29(1)3 of the benchmarks regulation may3 not apply to the use of a benchmark in cases which are excluded from the requirements of the benchmarks regulation (see article 2 of the regulation).
The prohibition in article 29 of the benchmarks regulation is subject to the transitional provisions in article 51 of that regulation.